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Vol 21 No 10 Oct/Nov 2016

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Criminal Injuries Compensation Claims

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Pre-Owned Assets and Estate Planning 3rd ed


ISBN13: 9780414040113
Previous Edition ISBN: 042191730X
Published: November 2009
Publisher: Sweet & Maxwell Ltd
Country of Publication: UK
Format: Hardback
Price: £225.00



Despatched in 3 to 5 days.

The new 3rd edition takes into account the changes in 2006 and 2007 affecting foreign domiciliaries, reverter to settlor and new arrangements involving the family home and chattels. It also covers the new options for Inheritance Tax planning following the 2006 changes to Inheritance Tax and Pre-owned Assets Tax.

  • Explains the law relating to pre-owned assets tax and how it works in practice;
  • Shows what mitigation strategies can be implemented on portfolios already containing IHT avoidance plans and how to deal with old schemes in the light of recent develop;
  • Shows what strategies to use now to avoid POAT and reservation of benefit on future arrangements;
  • Considers in particular the family home and chattels;
  • Includes planning strategies, examples and precedents;
  • Analyses the Pre-Owned Assets Tax problems for foreign domiciliaries resident in the UK;
  • Uses diagrams, flowcharts, worked examples and calculations to describe situations;

Subjects:
Wills and Probate, Taxation
Contents:
PART 1: SETTING THE SCENE
Introduction
IHT and reservation of benefit
PART 2: HOW THE LEGISLATION WORKS
The para.
3 charge on land
The para.
6 charge on chattels
Excluded transactions
Intangible property comprised in a settler-interested settlement: para .8
Main exemptions under the regime
Territorial scope
£5,000 annual exemption; de minimis and motive
Avoidance of double charges
Opt out elections into reservation of benefit
Regulations
Administration
PART 3: PLANNING IN PRACTICE: REACTIVE PLANNING
Ingram schemes
Reversionary leases
Eversden schemes
Home loan arrangements
Chattel Arrangements
Insurance arrangements
Foreign domiciliaries
PART 4: PLANNING IN PRACTICE: PROACTIVE PLANNING
Regime implications for tax planning generally
Co-ownership arrangements
Reverter to settler trusts
Trust reorganisations
Cash gifts
Selling the family home: planning options
Businesses and farms
Will drafting
APPENDIX I: THE LEGISLATION
FA 1986, s.102, 102A–C; 103; Sch.20 (as amended)
FA 2004, Sch.15.
The Inheritance Tax (Double Charges Relief) Regulations 1987 (SI 1987/1130).
Charge to Income Tax by Reference to Enjoyment of Property Previously Owned Regulations 2005 (SI 2005/724)
APPENDIX II: MATERIAL ISSUED BY HMRC
Written Ministerial Statements of 7 and 8 March 2005 (dealing with the content of the Regulations)
IHT 500 plus notes for completion (GWR election)
Income Tax and Pre-Owned Assets Guidance (including Questions and Answers)
Miscellaneous correspondence
SDLT and nil rate band discretionary trusts
APPENDIX III: MISCELLANEOUS TECHNICAL ISSUES
The Scope of the artificial debt rule in FA 1986 s103
The distinction between a "gift" and a "transfer of value";