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Guide to Inheritance Tax Planning



    Consensus estimates predict a surge in the number of people liable to pay IHT due to the extension of the band freeze, with as many as 5,000 families a year now likely to be liable for the charge. Those caught will also likely pay more: average IHT paid per applicable case rose from £24,600 to £27,227 between 2010 and 2011.

    There are a number of steps an adviser can take in order to help their client mitigate IHT. However, this needs to be balanced with the fact that individuals are now living longer and need access to capital to meet their day-to-day living costs and potential future care costs.

    This guide will provide an in-depth look at how inheritance tax is applied and explore some simple options open to individuals to mitigate this, as well as the wider range of recommendations an adviser could make to offer more extensive protection.

    Supporting material was provided by Jason Ashman, financial planning manager and chartered financial planner at Henwood Court Financial Planning; Jeremy Pearson, technical support manager at Canada Life; and Keith Thomson, director of investment services at Blackadders.

    In this guide


    Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

    1. What is the nil-rate band set to rise to in 2019?

    2. What is the annual allowance on gifts to individuals, not including any carried-forward amounts?

    3. What proportion of advisers write between one and five cases relating to IHT mitigation each year?

    4. What name is given to a simple trust that allows a beneficiary access to the capital and any interest?

    5. What is a potential disadvantage of offshore trusts, according to Mr Thomson?

    6. How long must assets be held to qualify for business property relief?

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