Inheritance tax planning
Inheritance Tax
Post-Death Planning
Client A had passed away and had an Inheritance tax bill of approximately £1M. Fortunately we were within the statutory time limit to vary the intestacy to reduce the tax bill to Nil.
Comment: Post-death planning should be done as a last resort as the options available to save tax are far less. However, if you are in this position then this tax planning invaluable.
Pre-Death Planning
Client B owned an estate worth around £4,000,000. The Inheritance tax at current rates would have been approximately £1,340,000. Shipleys Tax reorganised his affairs by converting a substantial non-qualifying asset into one which qualified for 100% business property relief, thus removing the inheritance tax liability and ensuring asset protection.
Comment: We would suggest that you review your current Inheritance tax exposure, this will quantify the issue and then if need be, plan to mitigate this tax. There are a number of ways to do this pre-death and these are very cost effective especially against many of the insurance products on the market.
Latest news & blogs…
HMRC backtracks on APN’s
HMRC has backtracked on hundreds of Accelerated Payment Notices (APN) after admitting defeat following an application for Judicial Review. This affects the notices it has issued to hundreds of taxpayers as a result of a Judicial Review lodged on their behalf. This is not the first time that HMRC has undertaken a withdrawal of APNs that they had previously issued.
APNs were challenged on a number of grounds including the argument that the Employee Benefit Trust arrangements under consideration were not ‘notifiable’ to HMRC, under the DOTAS regime. HMRC has now admitted that it did not have the right to issue the APNs in relation to these arrangements.
Shipleys Tax Planning partner, Shabeer Yousuf CTA, says “this case demonstrates, that a taxpayer in receipt of an APN should not automatically assume that HMRC has followed the correct processes and exercised its powers lawfully, the taxpayer should seek specialist advice.”
Testimonials
“We value the close working relationship we have with Shabeer and the specialist teams at Shipleys Tax...(read more)
Dr K, GP Surgery – Yorkshire
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FM Medical Practice – Manchester
“Accountants seem to promise the earth but don’t deliver do they? Well we found the opposite. Abdul made himself... (read more)
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