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Ray & McLaughlin’s Practical Inheritance Tax Planning

Authors: Mark McLaughlin, Geoffrey Shindler, Paul Davies, and Rebecca Sheldon

Publication Date: October 2021

Publisher: Bloomsbury Professional

Law As Stated At: 31 August 2021

Ray & McLaughlin’s Practical Inheritance Tax Planning

Ray & McLaughlin’s Practical Inheritance Tax Planning

Ray and McLaughlin's Practical Inheritance Tax Planning is a long-established first port of call for private client advisers working with clients on inheritance tax planning engagements.

The practical commentary addresses the main planning points, potential pitfalls and possible solutions for IHT and estate planning purposes.

This updated version of Ray and McLaughlin’s Practical Inheritance Tax Planning features the following content:

  • Updated to FA 2021, including the ‘freezing’ of the IHT nil rate band, residence nil rate band and residence nil rate band taper threshold (Chapter 1 and Chapter 7).
  • Case law since the last update, including O’Neill v Holland (joint beneficial ownership between co-inhabitants) (6.50), Ware v Ware (rectification of trust deeds) (4.26), and Cox, Executors of the late v Revenue and Customs (business property relief and furnished holiday lettings) (17.15).
  • Changes in HMRC practice since the last update, including the removal of the requirement for those dealing with trusts and estates to provide an IHT return with physical signatures from all others involved (22.1).
  • The highlighting of forthcoming changes, including the government’s stated intention to simplify reporting regulations so that from 1 January 2022 over 90% of non-taxpaying estates each year will no longer have to complete IHT forms for deaths when probate or confirmation is required (22.7).
  • Changes due to Covid-19, including the introduction of life assurance schemes to provide a death benefit payment of £60,000 for people working in front-line health and social care who die as a consequence of contracting Covid-19 at work (20.22).

Mark McLaughlin is a fellow of the CIOT and ATT, a member of STEP and a member of the CIOT's Succession Taxes and CGT and Investment Income Sub-Committees. Mark has written many tax publications and articles, including 'McLaughlin's Tax Case Review' (www.taxinsider.co.uk) and is Co-Founder of TaxationWeb (www.taxationweb.co.uk).

Paul Davies is a partner in the private client team of DWF LLP solicitors in Manchester. He is a member of the CIOT and STEP, and practised briefly as a chartered accountant prior to qualifying as a solicitor in 2003.

Rebecca Sheldon is a tax barrister at Old Square Tax Chambers with a mixed advisory and litigation practice and is qualified to accept instructions directly from the public. She specialises in all areas of taxation, including IHT, SDLT, CGT, VAT, taxation of trusts, UK residence and domicile rules and employee taxation. Rebecca holds first class law degrees from Durham and Cambridge and was graded ‘outstanding’ on the BPTC.

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