PUBLICATION DATE: DECEMBER 2023
PAGES: 289
EDITION: 19th
ISBN: 9781911020868
READ CONTENTS & FIRST SECTION

How to Save Inheritance Tax 2023/24

By Carl Bayley BSc FCA

Proper inheritance tax planning could save your family hundreds of thousands of pounds.

This guide tells you everything you need to know about protecting your family from the grave robbers' tax.

Taxcafe launched How to Save Inheritance Tax back in 2003 and we've been updating and expanding it ever since. The latest edition was published in December 2023.

It also contains a brand new chapter on inheritance tax planning with pensions. Pensions can be used to pass unlimited wealth tax free down the generations - we'll show you how to make the most of the extraordinary tax savings on offer.

Inheritance tax planning has become more important than ever following the 19 year freeze in the £325,000 lifetime exemption. This guide covers everything from simple to advanced tax planning techniques.

Written in plain English, examples are used to illustrate every key point.

What Information is Contained in the Guide?

Subjects covered include:

• All tax changes announced in the November 2023 Autumn Statement and earlier Budgets.
• A plain-English guide to calculating inheritance tax and how the tax works.
• The tax planning timetable: Steps to take at key points in your life.
• How to use the ‘regular payment’ method to pass unlimited funds to family members.
• Tried and tested tax planning techniques for protecting the family home.
• Why moving out of your home near the end of your life could cost you £140,000 in extra inheritance tax.
• Lots of information throughout for landlords and property investors.
• How to save capital gains tax when transferring assets to your family.
• A brand new chapter on using pensions to save inheritance tax:
• How pension savings can be used to support grandchildren at university completely tax free.
• How to use your pension to fund your children’s pensions and get double tax relief in the process!
• How a pension contribution could leave your family with over four times as much money as a cash gift.
• How one 60 year old is able to leave her family almost £685,000 better off by maximising her pension savings.
• Lots more on all the ins and outs of using pensions to save inheritance tax and other taxes.
• Absolutely everything you need to know about using trusts to save inheritance tax.
• A new section on stamp duty land tax and trusts and how the 3% surcharge can be avoided.
• Fully updated guidance on family investment companies, combining massive IHT savings with other tax savings.
• Everything you need to know about potentially exempt transfers, tax free after 7 years.
• Inheritance tax planning techniques for unmarried couples.
• How to use business property relief to pass unlimited assets to your family.
• The latest guidance on the availability of key capital gains tax reliefs - important for owners of family businesses.
• Why now is a good time to implement the tried and trusted Family Debt Scheme.
• How to protect valuable antiques, paintings, etc from IHT.
• Things to watch out for if you're from a Scottish family or own property in Scotland.
• Important changes to the charity exemption that will require some individuals to change their wills.
• Important changes to agricultural property relief from 6th April 2024.
• Other Government proposals and potential future tax changes.
• IHT Planning after death - How families can still save tax after a loved one has died.

Click here to read the full contents listing and first chapter of the book

About the Author

Carl began his career as a chartered accountant over 40 years ago and is now one of the country's most respected tax experts. He is a former chairman of the Tax Faculty at the Institute of Chartered Accountants in England and Wales (ICAEW) and a former member of the Institute's governing council. He has written over a dozen plain-English tax planning guides and is a regular contributor to newspapers including The Times and The Telegraph, as well as TV and radio programmes such as BBC Radio 2's Jeremy Vine Show.

Carl enjoys his role as a tax author: "The most satisfying part is the chance to give everyone a high standard of information at a very affordable price". As he often says: "My job is to translate tax into English".

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