Inheritance Tax Foundations

24/03/2022 10:00 am
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In this webinar we will consider the main inheritance tax (IHT) charging and administrative provisions. Despite its name, IHT does not only apply to death estates, but may also be relevant in relation to certain lifetime gifts, specifically lifetime gifts into trust and certain gifts made with the seven-year period prior to death. In this webinar we will consider the overall structure of the IHT charging regime, considering how a person’s death estate is taxed and how certain lifetime gifts are taxed. We will also consider allowances and reliefs and the rules on liability, burden and the timing of payments of inheritance tax.

Delegates will learn about the following –

• Calculating IHT on death
• The Nil Rate Band (NRB), the transferable NRB and the residence NRB.
• Lifetime transfers: exempt transfers, potentially exempt transfers (PETS) and lifetime chargeable transfers (LCTs).
• The effect of death on lifetime transfers.
• Anti-avoidance provisions, in particular gifts with reservation of benefit.
• Reliefs: the basic provisions of business property relief and agricultural property relief.
• Liability and burden of payment
• Time for payment of IHT.
• IHT Forms.

This webinar is delivered by Helen Munro.