Course description
Overview
The course introduces delegates to the main principles of Inheritance tax and Capital Gains tax. It shows how the impact of each of the Capital taxes must be considered when advising on either tax. No prior knowledge is assumed, but the course will act as a useful update for those with some background knowledge. The course contains numerous examples and incorporates a comprehensive case study.
Who is this for?
This course will be of benefit to:
- Newly qualified solicitors
- Paralegals
- Legal executives
- Trainees
- Solicitors who specialise in other areas of law but who would like an overview of the Inheritance Tax regime and its interaction with Capital Gains tax
What will you learn?
A review of a number of key areas of tax practice where there is always the potential for errors and mistakes to arise and some hints and tips on how to alleviate the risk of recurrence. The course covers:
- The basic IHT regime and the effect of domicile
- IHT on lifetime gifts and on death
- Use of lifetime gifts in planning
- Using the transferable nil rate band
- Business Property Relief and Agriculture Property Relief
- Relief for debts due on death after Finance Act 2013
- Gifts with reservation and the pre owned assets tax charge
- The basics of Capital Gains tax
- Principle Private Residence/Only or Main Residence relief
- Entrepreneurs’ relief
- Capital Gains Tax and holdover relief for gifts
- Interaction of IHT and CGT on setting up a trust
- Tax charges during the lifetime of a trust
- Interaction of IHT and CGT on assets leaving a trust
- Basic IHT and CGT planning via trusts
PSC Elective
This course may be undertaken as a PSC elective, although it may also be attended by non-trainees.
SRA Competencies
B
Other related courses
An Introduction to Tax Issues for Wealthy Private Clients
Court of Protection Practice
Elderly Client Practice
Key Aspects of Wills and Estate Planning
Probate - Workshop
The Private Client Passport
Trusts - an essential guide
Will Writing Workshop
Wills - Introduction
Writing & Presenting Legal Advice To Your Clients
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Upcoming start dates
Suitability - Who should attend?
This course will be of benefit to newly qualified solicitors, paralegals, legal executives, trainees, and solicitors who specialise in other areas of law but who would like an overview of the Inheritance Tax regime and its interaction with Capital Gains tax.
Outcome / Qualification etc.
- The basic IHT regime and the effect of domicile.
- IHT on lifetime gifts and on death.
- Use of lifetime gifts in planning.
- Using the transferable nil rate band.
- Business Property Relief and Agricultural Property Relief.
- Relief for debts due on death after Finance Act 2013.
- Gifts with reservation and the pre owned assets tax charge.
- The basics of Capital Gains tax.
- Principal Private Residence/Only or Main Residence relief.
- Entrepreneurs’ relief.
- Capital Gains Tax and holdover relief for gifts.
- Interaction of IHT and CGT on setting up a trust.
- Tax charges during the lifetime of a trust.
- Interaction of IHT and CGT on assets leaving a trust.
- Basic IHT and CGT planning via trusts.