The following Private Client guidance note Produced in partnership with Adam Hampton TEP of Lamb & Holmes Solicitors provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE: Following the Inheritance Tax Review Call for evidence and Survey, which ran from 27 April and 8 June 2018, the Office of Tax Simplification (OTS) published its first report on 23 November 2018 and its second report on 5 July 2019. In its second report, the OTS recommended a number of reforms to inheritance tax (IHT), including to the treatment of lifetime gifts and the operation of some exemptions and reliefs. Although it not yet known if any of the recommendations will lead to legislative changes, it is worth bearing the proposals in mind when considering and advising on IHT lifetime planning.
Ever since the Inheritance Tax Act 1984 (IHTA 1984) came into force in 1985, the government has sought to limit the extent of what individuals can give away during their lifetime, whether by penalising reservation of some benefit from a gift or by increasing the tax burden on trusts created during lifetime. The modern regime for inheritance tax (IHT) on lifetime transfers is both complex and simple at the same time: simple because all attempts to give away your assets during your lifetime are potentially subject to some form of IHT depending on what you are trying to achieve; complex because of the many layers of rules and anti-avoidance measures that have been introduced over the years.
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