Private Client Law Update and Refresher Course – IHT
This virtual classroom was delivered on 16 November 2021.
After this session you will be aware of the recent changes to IHT and able to:
- calculate IHT correctly, and
- advise appropriately on IHT issues.
What this will cover
THE TRANSFER OF VALUE
- Loss to the estate principle
- Open market value
GROSSING UP & PARTLY EXEMPT TRANSFERS
- What is grossing up?
- When is it necessary on death?
- Allocation of IHT on partly exempt estates
- Double grossing up
- Limitations of taper relief
- Who pays the IHT?
- Dangers for PRs and trustees
- Changes in value between gift and death
RESIDENCE NIL RATE BAND (RNRB)
- Transferred RNRB
- Availability on residences held in life interest trusts
- Adjustments to will drafting