Inheritance Tax

by Andrew Law
access120 days access
cpd hours4 CPD hours
price£75+vat

This course will enable you to:

  • Establish whether an estate is subject to Inheritance Tax
  • Calculate the scale of the tax likely to be payable
  • Understand the primary reliefs available
  • Identify common planning steps to alleviate the tax exposure
This course has been reviewed and is up to date for 2019-20.

As an accountant, your role in inheritance tax (IHT) is the strategic structuring of a client's wealth and business interests. However, this can be complicated, not only because IHT has a language all of its own but because there is a lot to get to grips with. From IHT liability and property reliefs, to further planning opportunities using trusts. There is a lot you will need to know to guide your clients.

In this course, you will get an introduction to inheritance tax, and the various issues surrounding it. This includes the treatment of potentially exempt transfers, the ways in which agricultural property relief and business property relief can be maximised, and the use of trusts.

You will also be learning about the various exemptions from inheritance tax, and how the seven-year waiting time can affect this.

IHT scope

  • What is domicile?
  • How do you know whether assets are subject to IHT?
  • How do you calculate IHT?
  • What is a potentially exempt transfer?
  • What is the residence nil rate band?

Property relief

  • What is agricultural property?
  • What are the rates of agricultural property relief?
  • What qualifies for business property relief?
  • What are the rates of relief for business property?
  • How can you maximise APR and BPR?

Other reliefs and opportunities

  • What is the IHT treatment of gifts to charities?
  • What types of gifts are exempt from IHT?
  • How much IHT do you pay on gifts of income?
  • What are tax preferred investments?
  • How are life assurance policies taxed?

Trusts

  • What is a trust?
  • What is the tax treatment of transfers made to trusts?
  • What is an exit charge?
  • How can trusts be used in IHT planning?
  • When can IHT skip a generation?
  • How can you use trusts to access capital gains tax holdover relief?
  • How might you make use of a trust if a property has high growth potential?
  • What is a flexible spouse trust?

Andrew is Head Of Tax at Moore Scarrott Chartered Accountants in Taunton. He has been in professional tax practice for over 30 years advising SME business on taxation matters and has advised on the sale and purchase of numerous businesses of all kinds and sizes. He has also bought and sold businesses of his own so that the advice he delivers is both technically accurate and at the same time workable in practice.

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