PUBLICATION DATE:  MAY 2019
PAGES:  276
EDITION:  15th
ISBN:  9781911020455
STATUS:  IN STOCK

How to Save Inheritance Tax 2019/20

By Carl Bayley BSc FCA

Effective inheritance tax planning could save your family hundreds of thousands of pounds.

This comprehensive yet easy to read guide tells you everything you need to know about protecting your assets from the taxman.

There have been significant changes to inheritance tax over the past few years. The 15th edition of How to Save Inheritance Tax has just been published (May 2019) and contains fully updated guidance on the most popular IHT planning techniques.

Inheritance tax planning has become more important than ever following the Government's decision to freeze the £325,000 lifetime exemption. Inflation is eroding its value every year, dragging more families into the tax net.

The guide is packed full of practical examples and tax planning ideas. Over more than a decade it has acquired a reputation as the most comprehensive inheritance tax planning book in the UK.

 Easy to understand and very useful guide to IHT
redstar
Another excellent book by Carl Bayley that explains a complicated subject in a way that is easy to understand and up to date. The book is a useful starter if you have only a small amount of knowledge about IHT but also explains more complex areas clearly and simply as you need more detailed knowledge... Overall excellent value for money.

 Very Good with Great Examples
Brett McKee
A very good book! The best part of the book is that it gives many examples throughout which makes the difficult terminology of HMRC much easier to understand and to work out if the specific circumstances applies to your own specific situation.

 If you are only going to buy one book on Inheritance Tax, get this one!
WJM100
As a property investor, I have read a number of Taxcafe's guides to saving tax and I have always found them to be most informative, well-written and helpful. This book is no exception and is quite possibly the most comprehensive book on Inheritance Tax available. If you are only going to buy one book on Inheritance Tax, get this one!

These product reviews are from genuine readers, and can be fully verified upon request. If you would like to place a review for one of our titles, please contact us

What Information is Contained in the Guide?

Subjects covered include:

• Plain-English guide to calculating inheritance tax and how the tax works.
• A revamped chapter on basic inheritance tax principles.
• A new section covering the dramatic increase in probate fees.
• Tax planning timetable: Steps to take at key points in your life.
• Detailed list of completely tax-free amounts that can save you thousands every year.
• How to use the ‘regular payment’ method to pass unlimited funds to family members.
• New sections explaining how to pass assets to your children (or other beneficiaries) and yet still do this tax free under the spouse exemption.
• Over a dozen inheritance tax planning techniques for protecting the family home.
• How to pass on investment properties worth up to £650,000 free from both inheritance tax and capital gains tax.
• Lots of information throughout for landlords and property investors.
• Everything you need to know about the new residence nil rate band, including:
• How it can be used to obtain additional tax savings of up to £140,000
• How married couples can benefit from each other’s residence nil rate band
• How widows can benefit from their late spouse’s residence nil rate band
• Using the ‘downsizing’ provisions to preserve your residence nil rate band when you sell your home
  
• How to leave your property to a trust and still use the residence nil rate band
  
• Who won’t benefit and still needs to carry out additional IHT planning to protect the family home
  
• The interaction between inheritance tax and capital gains tax – revised to take account of the latest changes in CGT rates.
• When you can make simple direct lifetime transfers of non-cash assets free from capital gains tax.
• Plain-English guide to the various types of trusts, including: Discretionary Trusts, Interest in Possession Trusts, Life Interest Trusts, Bare Trusts, Bereaved Minor’s Trusts, ‘18 to 25’ Trusts and Disabled Trusts.
• The latest changes to the IHT regime for trusts and the impact on tax planning.
• Changes to the IHT treatment of UK residential property held indirectly through excluded property trusts, companies or other vehicles.

• New details on the impact of ‘grossing up’ which can increase the rate of IHT from 40% to 67%, and how families can reduce it.
• Guidance on the rules regarding deduction of liabilities from estates on death.
• Critical advice for business owners – dangerous pitfalls could cost hundreds of thousands of pounds in extra tax.
• Updated details on property stamp taxes – one of the key factors when transferring property for IHT planning purposes.
• How to make lifetime transfers in the most tax efficient way.
• All you need to know about potentially exempt transfers, tax free after 7 years.
• Using family weddings to pass assets to children, grandchildren and other family.
• How to benefit minor children and children who aren’t even born yet.
• Inheritance tax planning techniques for common law partners.
• Important steps to take to avoid capital gains tax when transferring assets to family.
• How to avoid causing financial hardship to yourself or your spouse.
• Changes to the ‘deemed domicile’ rules and how these will affect long-term UK residents, those planning to emigrate and those temporarily returning to the UK.
• How to use business property relief to pass unlimited assets to your family.
• How to use business property relief to protect your investment assets.
• The latest case law on the availability of business property relief on furnished holiday lettings and other property-based businesses.
• Why borrowing to invest in a business may still be beneficial for IHT purposes.
• When investing in AIM shares will still work, and when it won’t.
• The interaction of business and agricultural property relief on farmland & farmhouses.
• How to get some agricultural property relief without even doing any farming.

• IHT Planning after death - How families can still save tax after a loved one has died.
• The benefits and pitfalls of deeds of variation.
• Inheritance tax planning steps you should take when you lose a parent or spouse.
• What happens when two people die simultaneously and how to avoid some of the unwanted effects.
• How to keep control over your income when you give away capital.
• How you can knock up to 15% off your inheritance tax bill by simply changing the legal title you hold in your house.
• How to avoid IHT on valuable antiques, paintings, etc.
• How to avoid IHT if you emigrate plus the impact of the statutory residence test.
• How some people could avoid IHT simply by moving around the UK.
• Updated sections on HMRC’s latest anti-avoidance weaponry, how it is used in practice and how to safeguard your family.
• Popular inheritance tax planning products explained.
• Practical answers to the problems of long-term residential care.
• How to retire to the country and save inheritance tax at the same time.
• Things to watch out for if you're from a Scottish family or own property in Scotland.
• Dozens of clear real-life examples are used throughout to explain important points.

Click here to read the full contents listing and first chapter of the book

About the Author

Carl began his career as a chartered accountant over 30 years ago and is now one of the country’s most respected tax experts. He is the Chairman of the Tax Faculty at the Institute of Chartered Accountants in England and Wales (ICAEW). He is also a member of the Institute’s governing Council. Carl has written over 10 plain-English tax planning guides and is a regular contributor to newspapers including The Times and The Telegraph, as well as TV and radio programmes such as BBC Radio 2's Jeremy Vine Show.

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