Lifetime gifts and Inheritance Tax: a practical guide to tax, taper relief and the NRB

This practical webinar provides a clear overview of the law surrounding lifetime gifts, the risks and potential pitfalls when advising on them, and the inheritance tax implications that can arise. It includes practical calculations showing how to establish the inheritance tax due, including the application of taper relief and allocation of the nil rate band, helping practitioners advise clients with greater confidence and avoid the risks associated with getting the calculations wrong.

Topics covered include:

• The risk of negligence when advising on gifts and getting it wrong
• Establishing the reason for the gift
• An overview of the risks of gifting
• Tax and gifts
• Challenges to gifts
• The difficulties with gifts by attorneys and Deputies
• A practical run through of the IHT due on creation of a lifetime trust
• A practical run through of the IHT due from the recipient of a failed PET, allowing for taper relief and reviewing how to allocate the nil rate band