Subjects:

Wills and Probate, Taxation, Equity and Trusts

Contents:

Setting the Scene.

How the Legislation Works.

Planning in Practice: Reactive Planning.

Planning in Practice: Proactive Planning.

Appendices:

Legislation, IR material

and guidance, precedents.

Pre-owned Assets and Tax Planning Strategies is a comprehensive guide to all the complex rules that result from the new charge with practical advice on how to apply the rules and plan effectively for the future. If you have set up estate planning schemes for your clients or given advice on inheritance tax, you need this book.

This greatly expanded 2nd edition offers in-depth analysis and guidance, worked examples, flowcharts and precedents, plus brand new material on implementation and tax planning.

New for the 2nd edition:-

• Commentary on the regulations and Inland Revenue Guidance Notes, how they will work in practice, what difficulties still remain and how to address them
• Consideration on how to address the anomalies contained in the legislation
• Review of past schemes clients may have in place and guidance on the implications of POA - including flowcharts and available options with commentary
• In-depth guidance on what plans can be put in place in future for UK and foreign domiciliaries, including insurance schemes, advice on the family and second homes; purchase of homes abroad
• Detailed discussion of chattel schemes with problems and options on how to resolve them
• Guidance on appropriate will planning and deeds of variation
• An expanded range of precedents, including full flexible will precedents and precedents for IOU debt arrangements and discretionary trusts

• Explains the scope of the pre-owned assets income tax charge which came into effect in April 2005
• Shows how it clamps down on inheritance tax avoidance schemes and how it applies 'retro-actively' from 1986
• Describes how clients' tax planning schemes aimed to mitigate inheritance tax are affected by the legislation
• Sets out what to do in different circumstances to meet clients' individual needs
• Advises on how practitioners can minimise the effect on existing schemes and take the changes into account when planning future schemes.
• Uses worked examples to show how the regime is working in practice Explains the scope of the pre-owned assets income tax charge which came into effect in April 2005