Lifetime Inheritance Tax Planning

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Contents

What are the key lifetime planning opportunities for clients, and possible changes to watch out for, now the Conservative Government has a big majority for the first time in 4 years? This session will take into account any changes in the March Budget, and any new legislation, and will explore:

• The proposals in the Office of Tax Simplification July 2019 report on IHT which might influence our advice
• The real openings to use lifetime exemptions such as “normal expenditure”
• Any current planning issues for business and farming clients
• Lifetime planning to avoid loss of RNRB with estates over the £2m taper threshold

Learning Objectives

After completing the one hour session delegates will be:

• Aware of some of the main lifetime IHT planning options;
• Aware of the key IHT changes recommended by the Office of Tax Simplification and what they mean for clients; and
• Able to identify key choices for clients for trusts of property in wills and their different IHT treatment.

Speaker

John D. Bunker LL.B CTA TEP is a freelance lecturer who is also Head of Knowledge Development, Tax Trusts and Estates, at Irwin Mitchell. He is Chair of the Chartered Institute of Taxation’s Private Client (UK) Taxes Sub-committee, having been a Chartered Tax Adviser for over 20 years. He has over 25 years of experience as a solicitor specialising in wills, trusts, estate and tax planning and for some 15 years was responsible for his firm’s then in house will precedents. He serves on HMRC’s Capital Taxes Liaison Group and TACT’s Private Trusts Committee.

John moved in 2012 to his technical development / know-how role, originally for Thomas Eggar, after 23 years as partner, now working with a 100+ strong Irwin Mitchell team. John has developed external training work, in a freelance capacity, and brings his enthusiasm for his subject, where he seeks to illuminate technical details with practical insight, to training for various training companies, individual firms, local law societies, branches of STEP, CIOT, SFE and other professional groups.