How to Save Inheritance Tax 2018/19

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 14th edition of How to Save Inheritance Tax has just been published (January 2018) and contains fully updated guidance on the most popular IHT planning techniques. (No tax changes were announced in the March 2018 "Spring Statement".)

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.

What Information is Contained in the Guide?

Subjects covered include:

• All tax changes announced in the November 2017 Budget and earlier Budgets.
• Plain-English guide to calculating inheritance tax and how the tax works.
• 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.
• 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.
• 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.
• 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.

• 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.
• 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.
• 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.
• A look at what the general anti-abuse rule means for IHT planning.
• 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

 

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