Complications when calculating IHT
This session will look at some of the things that can make calculating difficult and point out traps that can catch the unwary
- Impact of lifetime gifts
- Who bears the IHT?
- Dangers for PRs
- Changes in value between gift and death
- When is the residence nil rate band (RNRB) available?
- Basic requirements
- Transferring unused RNRB
- Rules whree a residence left on trust
- Life interest trust ending
- Estate divided between exempt and non-exempt beneficiaries: the rules and the dangers of getting it wrong
- When do I have to gross up?
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Learning objectives:
After completing this session you will be able to identify and avoid problems when calculating IHT in relation to:
• Lifetime gifts
• The residence nil rate band
• Partly exempt transfers
• Grossing up
Downloads
Your CPD Certificate can be found in your Account.
Professor Lesley King
Professional Development Consultant • University of Law
Author of Wills, Taxation and Administration: A Practical Guide; A Modern Approach to Wills, Administration and Estate Planning (with Precedents); A Modern Approach to Lifetime Tax Planning for Private Clients (with Precedents); A Practitioner’s Guide to Wills; Varying the Disposition of an Estate after Death; Wills: A Practical Guide; and editor of The Probate Practitioner’s Handbook.
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