IHT

Loring v Woodland Trust [2013] EWHC 4400 Ch highlights the care that must be taken when interpreting (and drafting) nil rate band legacies in wills and undertaking inheritance tax planning.

Business Property Relief (BPR) is a valuable inheritance tax relief, offering up to 100% relief against inheritance tax on qualifying business assets.

The inheritance tax case of Buzzoni and Others v HMRC concerning gifts with reservation of benefit was recently heard in the Court of Appeal.

I refer here to interest free loans (repayable on demand) to family members (thus gratuitous) where the interest foregone is deemed to be a gift for IHT purposes (according to IHTM14317).

1

An increase in home ownership rates and property prices has created a windfall for millions of Britons – and underscored the need for people to plan for inheritance.

3

Primary Points of Interest

Can you help me about inheritance Tax and Interests in Possession:

3

Have come across the following situation.

An individual settles unquoted shares in a property investment company on discretionary trusts. The value is circa £50k and he has not previously made chargeable lifetime transfers.

1

Do I need to complete IHT 100 forms for trusts when no tax payable for 10 year anniversaries or paying out the assets from discretionary trust?

2

Pages