In Focus: Tax  

Four things you need to know about IHT

  • To be able to explain rules around gifts to clients.
  • To be able to ascertain the tax treatments of trusts.
  • To be able to assess a client's need for alternative tax-efficient investments.
CPD
Approx.60min
IHT: Four things you should know
How trusts, gifts and careful planning can help your clients leave a lasting legacy to their loved ones
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Gifts, trusts and tax-efficient investing have always been good ways to mitigate the effects of Britain's most voluntary tax: inheritance tax.

But what are the rules around trusts and gifts? Has anything changed over the Budget and Tax Day? 

Is anything likely to be on the cards for 2021 and beyond as the chancellor dips further into the nation's pockets to help Britain out of the huge Covid-19 debt black hole?

This guide to gifts, trusts and tax-efficient methods provides a good groundwork for advisers and paraplanners looking to help clients get to grips with the fundamentals of estate planning.

It explores what the basic rules are around gifts and trusts, looks at how pensions and insurance and investment schemes can help and explains what changes, if any, have been put in place that might affect IHT planning.

This guide qualifies for an approximate 60 minutes' worth of structured CPD. To read the report, click on the image above. 

simoney.kyriakou@ft.com

CPD
Approx.60min

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. According to Jones, what is not legally binding?

  2. What are two key reasons for having a trust, according to Griffin?

  3. De Souza says: "Trustees may be subject to IHT when capital distributions are made, and on each 10th anniversary of the trust." Is this true or false?

  4. Dixon says care needs to be taken over the nuances of what?

  5. What does Franks describe as a 'modest annual gifting allowance'?

  6. Griffin says that funding a pension over the years is not only sensible for your later life; it is also what?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • To be able to explain rules around gifts to clients.
  • To be able to ascertain the tax treatments of trusts.
  • To be able to assess a client's need for alternative tax-efficient investments.

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