Table of Contents

Abbreviations
Tax rates and thresholds
Summary of provisions of Finance Act 2016 relating to inheritance tax and the taxation of trusts and estates
Inheritance Tax — Personal and Estates — General
1. Inheritance Tax — Introduction, Exemptions
2. Transfer of the Nil-Rate Band
3. Transfer of Value; Potentially Exempt Transfer; Particular Instances
4. Overseas Aspects of Inheritance Tax
5. Gifts Within Seven Years Before Death
6. Date of Payment and Interest, Liability for Tax, Penalties
7. Tax on Death — Simple Example
8. Gifts Inter Vivos
9. Corrective and Supplementary Accounts
10. Instalment Option, Interest on Overdue Tax
11. Valuation of Property — General Provisions; Related property; Sale of Land After Death; Liabilities
12. Valuation of Shares — Sale After Death — Trust Holdings
13. Fall in Value of Gift Before Death and Varying the Terms of a Will
14. Specific Legacy — Exempt and Partly Exempt Residue
15. Legacies and Other Specific Gifts involving Business and Agricultural Property
16. Partially Exempt Residue (Double Grossing)
17. Partially Exempt Residue (Affected by Trust Funds, Business and Agricultural Property Relief)
18. Partially Exempt Residue and Intestacy
19. Associated Operations and Deemed Dispositions
20. Business Property Relief including the Instalment Option
21. Agricultural Property Relief
22. Provision of Information, Notice of Determination, Delivery of accounts
23. Capital Gains Tax and Inheritance Tax: Lifetime Tax Planning
24. Capital Gains and Inheritance Tax: Pre-Death Tax Planning
25. Capital Taxes Interaction
26. Disclosure of Tax Avoidance Schemes
Inheritance Tax — Personal and Estates — Specific Topics
27. Gifts with Reservation
28. Double Charges Regulations
29. Quick Succession Relief
30. Gifts with Reservation of Benefit and Pre-Owned Assets
31. Release of Reservation and Double Charges Relief
32. Simultaneous Death, Survivorship Clauses and Deeds of Variation
33. Domicile
34. Double Taxation Relief
35. Works of Art — Conditional Exemption
36. Close Companies
37. Growing Timber, Consecutive Transfers, Associated Operations and Gifts with Reservation
38. Lower Rate for Substantial Charitable Gifts
Inheritance Tax — Settled Property
39. Will Trusts
40. Inter Vivos and Will Trusts
41. Settled Property — Interest in Possession Before and After Finance Act 2006
42. Quick Succession Relief (with Settled Property and the Lower Rate of Inheritance Tax)
43. Tax on Death — Business Property Relief, Settled Property, Quick Succession Relief
44. Settled Property — Release of Life Interest, Sale of Life Interest
45. Settled Property — Annuities
46. Settled Property — Estate Duty Surviving Spouse Exemption
47. Settled Property — Reversionary Interest
48. Relevant Property Settlement Made Before 27 March 1974
49. Relevant Property Settlement Made After 26 March 1974
50. Relevant Property Settlement — Related Settlements, Property Leaving and Reverting to Settlement
51. Relevant Property Settlement — Added Property
52. Protective Trusts; Lease for Life; Discretionary Settlements Created by Will
53. Tax Planning with Trusts for Minors
54. Age 18-to-25 Trusts Converted From Pre-2006 Accumulation and Maintenance Trusts
55. Age 18-to-25 Trusts Under a Will
56. Relevant Property Settlements — Anti-Fragmentation Rules
57. Excluded Property and Inheritance Tax Computations for Settled Property
Capital Gains Tax for Trustees and Personal Representatives
58. Personal Representatives — Capital Gains Tax
59. Termination of Life Interest and Settlor-Interested Settlements —Capital Gains Tax
60. Entrepreneurs’ Relief for Trustees
61. Non-Resident Trusts — Capital Gains Tax Position
Income Tax and Estates
62. Income of the Administration Period — Basic Example
63. Death and Self-Assessment
Income Tax and Trusts
64. Rates of Tax on Trust Income and Payment of Tax
65. Limited (Life) Interest in Estate — Allocation of Income of the Administration Period
66. Life Interest Trust: Income Tax
67. Trust Income Tax — Bare Trusts and Vulnerable Beneficiary Trusts
68. Settlor-Interested Trusts and Parental Trusts
69. Self-Assessment and Trusts
70. Discretionary Trusts — Rates of Tax
71. Accrued Income, Scrip Dividends, Demergers
72. Discretionary Trusts — Income Tax Treatment of Dividends, Capital Gains Tax and Inheritance Tax
Index