Inheritance Tax - 2024 Virtual Conference

Introduction

Chaired by John Bunker, this conference with a panel of leading experts offers a comprehensive update as to the current hot topics in this fast-moving area.

Each session will provide a full opportunity for questions and answers.

Conference Agenda

This 5 hour conference will cover the following:

10:00am - 11:00am: Lifetime IHT Planning after the 2022/2024 Budgets

Chair: John Bunker, JDB Legal and Tax Training Ltd

Some significant changes to IHT were announced in the Spring 2024 Budget, and this session looks briefly at the plans for IHT for resident non-doms, as well as the announcements on APR and the Furnished Holiday Lets (FHL) changes and how these tie in with BPR FHL.

But also significant is the continued stealth tax regime, with the continued freezing of IHT Nil Rate Bands (NRB) & Residence NRBs until 2028 - a further 4 years! OBR projections that IHT revenue would rise by 1/3 in the 5 years to 2026 now seem under-estimates as the combined effect of the tax ’squeeze’ and rising property prices bite on estates. So how can you help your clients plan in their lifetimes to avoid some of the squeeze on taxpayers, mitigate IHT and help the younger generations in an effective way?

This session will cover:

• Lifetime estate planning for the RNRB £2m threshold, also frozen until 2028, so how can you help more estates keep their RNRB?
• Planning with pension death benefits and additional ISAs for surviving spouses
• Effective use of exemptions like normal expenditure out of income
• Inter-spouse planning in the stealth tax environment
• Gifts of property & specific scenarios - shared property use and full consideration and the GROBs and DOTAS traps to watch on gifting property

Morning Break

11:10am - 12:10pm: CGT - The Latest on Express & Implied Trusts

Chris Thorpe, Freelance

This session will cover the following:

• Different types of Express Trusts
• Income Tax and CGT with Express Trusts
• Implied Trusts, what are they and why they are important for tax

12:10pm - 1:10pm: Structuring to Maximise Business Relief

Deborah Clark, Mills & Reeve LLP

This session will cover the following:

• A reminder of the rules on business relief
• Exceptions to look out for:
• Excepted assets
• Investment subsidiaries
• Claw back provisions
• Examples of typical structures and how to restructure to maximise relief

Break for lunch

2:00pm - 3:00pm: Trusts & IHT Planning - The Need to Knows

Helen Forster, HFT Legal Limited

Trusts are widely used in both wills and lifetime planning, however the tax rules regarding their management are not widely known and mistakes are occurring, resulting in penalties with HMRC and claims against firms. It is essential that clients are made aware of the consequences of setting up trusts.

This session will cover:

• When to complete an IHT100
• Exit charges
• Filing returns with HMRC
• The consequences of the TRS

Afternoon break

3:15pm - 4:15pm: Wills and Variations in IHT planning for Spouses

John Bunker, JDB Legal and Tax Training Ltd

This session will cover:

• Spouse planning through Wills: the effective use of the Nil Rate Band (& TNRB) and Residence NRB (& TRNRB)
• Spouses without descendants or who won’t qualify for RNRB - what you can offer for IHT mitigation
• Effective use of APR/BPR in wills and variations for farming and business clients
• Including variations of estates (s.142 IHTA) and trusts (s.144 IHTA)