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Pre-Owned Assets and Estate Planning

Pre-Owned Assets and Estate Planning
3rd Edition
Practice Area:  Taxation Law
ISBN:  9780414040113
Published by:  Sweet & Maxwell
Publication Date:  23 Nov 2009
Subscription Information:  Non-Subscribable Product
Format:  Hardback
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PRODUCT DESCRIPTION

The new 3rd edition takes into account the changes in 2006 and 2007 affecting foreign domiciliaries, reverter to settlor and new arrangements involving the family home and chattels. It also covers the new options for Inheritance Tax planning following the 2006 changes to Inheritance Tax and Pre-owned Assets Tax.
  • Explains the law relating to pre-owned assets tax and how it works in practice
  • Shows what mitigation strategies can be implemented on portfolios already containing IHT avoidance plans and how to deal with old schemes in the light of recent develop
  • Shows what strategies to use now to avoid POAT and reservation of benefit on future arrangements
  • Considers in particular the family home and chattels
  • Includes planning strategies, examples and precedents
  • Analyses the Pre-Owned Assets Tax problems for foreign domiciliaries resident in the UK
  • Uses diagrams, flowcharts, worked examples and calculations to describe situations

CONTENTS

PART I: SETTING THE SCENE
  • Introduction
  • IHT and reservation of benefit
PART II: HOW THE LEGISLATION WORKS
  • The para. 3 charge on land
  • The para. 6 charge on chattels
  • Excluded transactions
  • Intangible property comprised in a settler-interested settlement: para .8
  • Main exemptions under the regime
  • Territorial scope
  • £5,000 annual exemption; de minimis and motive
  • Avoidance of double charges
  • Opt out elections into reservation of benefit
  • Regulations
  • Administration
PART III: PLANNING IN PRACTICE: REACTIVE PLANNING
  • Ingram schemes
  • Reversionary leases
  • Eversden schemes
  • Home loan arrangements
  • Reverter to settlor trusts
PART IV: PLANNING IN PRACTICE: PROACTIVE PLANNING
  • Regime implications for tax planning generally
  • Chattel arrangements
  • The family home
  • Insurance based arrangements
  • Cash gifts
  • Non domiciliaries
  • Businesses and farms

APPENDIX I: THE LEGISLATION
  • Finance Act 2004 s 84 and Sched 15 (the POAT legislation as amended).
  • Finance Act 2006 s 80
  • The Charge to Income Tax by Reference to Enjoyment of Property Previously Owned Regulations SI 2005/724
  • Income Tax (Benefits Received by Former Owner of Property)(Election for Inheritance Tax Treatment) Regulations: SI 2007/3000
  • The Inheritance Tax (Double Charges Relief) Regulations: SI 1987/1130
  • The Inheritance Tax (Double Charges Relief) Regulations: SI 2005/3441
  • Written Ministerial Statements of 7 and 8 March 2005 (dealing with the contents of the Regulations) and of 21 July 2005 dealing with relief from double charges

APPENDIX II: MATERIAL ISSUED BY HMRC
  • HMRC Guidance Notes (2008)
  • CIOT/STEP Exchange of correspondence with HMRC (2005)
  • CIOT/STEP COP 10 Letter—questions and answers (2006)
  • Correspondence with HMRC on elections (October 2006)
  • CIOT correspondence with HMRC on s.80 FA 2006 (January 2007)
  • ABI correspondence
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