Inheritance Tax Planning Handbook 2021/2022- Strategies & Tactics To Save Inheritance Tax
May 2021 Edition - Updated For The Latest 2021 Tax Changes
Inheritance tax is a particularly nasty tax as it's a tax on your capital that you've accumulated from your after tax earnings.
It currently applies at 40% on the value of your estate above the nil rate band (currently £325,000). It's not just the assets held at the date of your death, but also assets gifted away (in some cases) up to 14 years before.
In this book we look at some of the top ways you can legally reduce your inheritance tax liability.
There are a number of options and opportunities -- from simply giving away assets to setting up a trust or emigrating from the UK completely.
Topics covered include:
- Summary of how Inheritance tax applies to gifts
- How the exemption for normal transfers of income applies
- When the 7 year period becomes a 14 year period
- What to do and when to avoid Inheritance tax
- Reducing IHT with the 36% rate of Inheritance tax
- Summary of the tax reliefs for charitable giving
- Planning for joint accounts and Inheritance tax/succession planning
- Reducing Inheritance tax on insurance policies
- Debts on death and IHT Planning
- When is it worth forming a lifetime trust for UK tax planning and how to determine which type of trust to use
- Planning for joint accounts and inheritance tax/succession planning
- How to use a nil rate band "Settlor Interested Trust" tax efficiently
- Putting life insurance into a flexible gift trust or bare trust to reduce Inheritance tax
- Using side letters for IHT purposes
- Inheritance tax planning for the family home
- Reducing CGT, IHT and income tax on a property investment portfolio by using mortgages
- Save Inheritance Tax on your Investment Properties
- Inheritance tax and your family company
- AIM shares & IHT relief
- Qualifying for Inheritance Tax relief on companies with large cash balances
- How the transferable nil rate band applies
- Using a Parallel Company to reduce Inheritance tax
- Reducing Inheritance tax with a double tax treaty
- A review of the UK-US Inheritance tax/Estate tax treaty
- UK inheritance tax and gifting cash abroad
- Emigrating from the UK to avoid Inheritance Tax