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Vol 23 No 5 May/June 2018

Book of the Month

Cover of Drafting Commercial Agreements

Drafting Commercial Agreements

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Private Client Tax and Estate Planning with Precedents

Publication abandoned lge

ISBN13: 9781847032393
Publisher: Sweet & Maxwell Ltd
Country of Publication: UK
Format: Hardback
Price: Publication Abandoned

This highly practical new work shows practitioners how to most efficiently arrange a client’s estate for the purposes of passing down assets to the intended recipients and mitigate the tax liability. Its main focus is the actual scenarios faced in practice by will and trust practitioners, with each section dealing with an area where tax planning is commonly required. It gives detailed guidance on how Inheritance Tax, Capital Gains Tax and preowned asset tax apply in each situation and explains the transactions involved for the desired outcome. Each section contains precedents to demonstrate how the aims can be achieved.

  • Structured by the type of asset rather than the type of tax so users can find solutions to a specific problems quickly and easily
  • Explains the different taxes that apply to the specific asset or problem
  • Provides solutions to common private client situations, such as protecting property from a former spouse and their descendants or avoiding nursing home fees when there is a family home in the estate
  • Uses worked examples, calculations and diagrams to illustrate concepts, outcomes and possible solutions
  • Describes and explains all recent changes from the Finance Act 2006 and Pre-owned Assets regime
  • Provides precedents to demonstrate how the transaction would work in practice
  • Sets out HMRC guidance notes
  • Reproduces questions and answers between the authors and HMRC to clarify points

Publication abandoned lge
A review of tax planning techniques
Simple illustrations
The scope of the disclosure rules
Statutory and judicial anti-avoidance and Ramsey
Tax planning for spouses
Income splitting (scope of the settlement legislation)
Using CGT no gain no loss rule (the Family Debt Scheme)
Spouse arrangement; avoiding GWR/POA
Maximising PETS; nil rate band gifts
(see also the Family Business)
Tax planning for civil partners
Tax planning for cohabitees
Capital gains tax planning: the effect of TAAR on losses bed and breakfast arrangements
Children and grandchildren
The disabled child
Width of the income tax
Settlement provisions and settlor interested trusts for CGT planning
Melville arrangements
Bare trusts
Using personal allowances and exemptions
Acquiring jointly owned property
The family home: onshore
Sharing arrangement
Equity release
Family debt
Reversionary leases
Reverter to settlor arrangements
Borrowing arrangements
Avoiding nursing home fees
Planning where the house is held in trust
Other new arrangements post March 2006
(see also family trust)
The family home and chattels: offshore issues
Options for ownership
Direct personal ownership
Ownership via trusts
Ownership through companies
Avoiding POAT and shadow director charges
Possible new arrangements post March 2006
Other issues
The family business
The different structures
Maximising BPR
The scope of APR
Deferred share schemes
Assets used by the family firm
(obtaining 100% relief)
The settlement legislation and Arctic Systems
Extracting profits from the business
Rewarding employees
The family trust and other structures
Onshore or offshore?
Nil rate band trusts
Loans to and from trusts
Melville schemes
Problems and solutions for pre 22 March 2006 trusts: variations and reorganisations
Reversionary interests and excluding property
Running a relevant property trust
Using other structures to hold assets
Pensions and insurance policies
Discounted gift plans
Occupational pension schemes
Key man insurance
Matrimonial issues, including divorce and separation
Asset protection
Options for parents
Options for settlors
Pre nuptial agreements
Second marriages: protecting the assets
Use of protector and trustees
Using the nil band
Providing for young children
Dealing with the family home
The international element: Sharia, US and other issues
Variations and 1975 Act applications
Scope of section 142
Issue and traps of section 144
Probate disputess: the IHT implications
Foreign law issues;