How to Save Inheritance Tax 2021/22

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.

The 17th edition of How to Save Inheritance Tax has just been published (May 2021) and is completely up to date.

Inheritance tax planning has become more important than ever following the Government's announcement in the March 2021 Budget that the £325,000 lifetime exemption will remain frozen for another five years - bringing the total period of the freeze to 17 years! With inflation picking up, more and more families are being dragged into the inheritance 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.
• A new chapter on proposed changes to inheritance tax - vital when doing long-term planning.
• The tax planning timetable: Steps to take at key points in your life.
• Both simple and advanced inheritance tax planning techniques, including a whole chapter on advanced 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.
• 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.
• Plain-English guide to all the different types of trusts: discretionary trusts, interest in possession trusts, life interest trusts, bare trusts etc.
• A new chapter on the incredible tax-saving potential of family investment companies.
• How family investment companies combine massive IHT savings with income tax and capital gains tax savings.
• 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.
• 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 keep control over your income when you give away capital.
• 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 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?