Private Client Law Update and Refresher Course – Varying the Disposition of Estates
This virtual classroom was delivered on 25 November 2021.
After this session, you will be able to:
- identify occasions where reading back provisions will be useful,
- select and implement the appropriate statutory provision for reading back, and
- avoid pitfalls.
What this will cover
WHAT IS READING BACK AND WHY IS IT BENEFICIAL?
THE STATUTORY PROVISIONS & HOW THEY WORK
- What statutory provisions exist?
- What is a variation?
- What is a disclaimer?
- When is a disclaimer useful?
- Formalities for variations and disclaimers
- IHTA, s144
- Formalities for s144
TRAPS WHEN USING THE PROVISIONS
- Can you vary a discretionary trust?
- Easy to overlook automatic reading back under s144
- Reading back is only for IHT and CGT
- Must be no consideration
- The dangers of IHTA 1984, s142(4)
TIPS ON USING THE PROVISIONS
- Variation after sale of asset by original legatee
- Acquiring the residence nil rate band (RNRB)
- Variation redirecting property to a person already dead
- Variation on behalf of person already dead
- Obtaining the charity exemption
- Obtaining the reduced rate