Lifetime Planning to Help Clients Avoid Unnecessary Tax Liabilities

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With the squeeze on all personal taxes, with the stealth tax regime with which we are now living, we will explore some of the potential tax traps, risks of tax liabilities that might be avoided and allowances that could be lost unnecessarily:-

• RNRB and the £2m taper threshold: Planning to avoid loss of RNRB by taper, where possible by lifetime estate planning by spouses, including planning in the two years after a first spouse dies.
• CGT Main residence (PPR) relief and the use of the PPR election to maximise relief on more than one residence.
• SDLT and the 3% higher rate additional dwellings charge: when can the charge be avoided, in estates, trusts etc? What about protecting first time buyers’ relief?

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer