Tolley's Tax Planning for Post-death Variations
The second edition, covers all the contemporary developments in the growing area of planning for post-death variations. Featuring case reports and summaries, precedents and a chapter on conflict of law, this covers the tax planning techinques that have emerged since the last edition.
- 01 Nov 1999
- Lexisnexis UK
- Tolley Publishing
- London, United Kingdom
- 2nd Revised edition
Table of contents
"CONTENTS1. IntroductionScopeDeeds of VariationDisclaimersPrecatory trustsDiscretionary WillsInheritance Act orders and compromisesRedemption of surviving spouse's life interestGeneral pointsDeeds of variation - the fictionDSS benefits2. The Uses of Post Mortem InstrumentsInheritance tax saving opportunitiesThe nil rate bandBusiness property and agricultural propertyMake full use of spousal exemption To lose growthTo create an excluded property settlementGeneration skippingThe family homeTo utilise double taxation reliefCharityGift AidCapital gains tax saving opportunities3. Inheritance TaxEstate immediately before deathReliefsSpousal exemptionCharitable exemptionAgricultural property relief and business propertyBurden of tax4. Capital Gains TaxThe usual situation on deathThe situation under variationThe extent of the re-writing5. Income TaxPecuniarySpecific legateesLimited interests in residueThe settlement provisionsDisclaimers6. Stamp DutyVariationsSubsidiary and miscellaneous documents7. ElectionsGeneral PointsDiscrete electionsElections within or outside the deedForm of electionHow to electWho should electWhen to electShould an election be made?8. How to varyThe operationBasic requirementsThe parties to variationVariations out of will trustsCircular variationsDouble death variationsProbate and administrationStrangersVarying to create a trustRecitificationVariation of overseas estatesTwo stage variationExtraneous considerationChange in assets 9. DisclaimersWhat is a disclaimer?The effect of a disclaimerWho may disclaimThe nature of the reliefDisclaimers and income taxDisclaimers v variationsSection 93 of the Inheritance Tax Act 198410. Joint Tenancy PropertyTenancy in commonJoint tenancyIs a variation possible under s 142(1) and s 62(6)?Probabte and personal representativesForm of the variationProperty law aspectsThe extent of the variationA curiosity11. Discretionary Will TrustsThe sectionPrecipitous appointmentsInheritance taxCan the executors/trustees appoint before administrationof the estate has been completed?Can the executors appoint before probate has been obtained?Capital gains taxMiscellaneous uses of discretionary will trustsDeeds of variation v discretionary will trusts12. Precatory TrustsInheritance taxRealtyCapital gains taxGift AidNature of the reliefSecret Trusts13. Inheritance Act 1975Inheritance (Provisions for Family and Dependants) Act 1975Inheritance TaxCapital gains TaxIncome Tax 14. The Position of Personal Representatives Duty of CarePersonal representatives as partiesElectionsGiving effect to the variation15. The FutureWhat to do instead Capital gains taxCurrent artificial variations"