How to Save Inheritance Tax 2020/21

By Carl Bayley BSc FCA

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

This very detailed 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 in recent years. The 16th edition of How to Save Inheritance Tax has just been published (May 2020) and is completely up to date. It also contains lots of new information (see below).

Inheritance tax planning has become more important than ever following the Government's decision to freeze the tax-free amount at £325,000 for well over a decade. Inflation has eroded its value, dragging more and more families into the tax net.

The guide is packed full of practical examples and tax planning ideas. Over more than 15 years it has acquired a reputation as the most comprehensive inheritance tax planning book in the UK.

What Information is Contained in the Guide?

Subjects covered include:

• A plain-English guide to calculating inheritance tax and how the tax works.
• Tax planning timetable: Steps to take at key points in your life.
• Both simple and advanced inheritance tax planning techniques.
• A 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.
• Over a dozen inheritance tax planning techniques for protecting the family home.
• Lots of information throughout for landlords and property investors.
• Absolutely everything you need to know about the residence nil rate band which reduces IHT on the family home.
• The interaction between IHT and capital gains tax – How to avoid CGT when transferring assets to your family.
• Absolutely everything you need to know about using trusts to save inheritance tax, including all the latest changes.
• Plain-English guide to all the different types of trusts: discretionary trusts, interest in possession trusts, life interest trusts, bare trusts etc.
• Everything you need to know about potentially exempt transfers, tax free after 7 years.
• How to pass assets to your children (or other beneficiaries) and yet still do this tax free under the spouse exemption.
• How to benefit minor children and children who aren’t even born yet.
• Inheritance tax planning techniques for common law partners.
• How to avoid causing financial hardship to yourself or your spouse.
• How to use business property relief to pass unlimited assets to your family.
• When furnished holiday lettings and other property businesses qualify for business property relief.
• How to get some agricultural property relief without even doing any farming.
• Business buy backs - how these could be used to put funds well in excess of the nil rate band into trust without facing lifetime IHT charges.
• 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 make sure your liabilities are fully deductible from your estate on death.
• 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.
• How to retire to the country and save inheritance tax at the same time.
• Practical answers to the problems of long-term residential care.
• Things to watch out for if you're from a Scottish family or own property in Scotland.
• IHT Planning after death - How families can still save tax after a loved one has died.
• The benefits and pitfalls of deeds of variation.
• 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

 

What Will I Receive?