Tax Update for Private Client Practitioners 2024

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Date: Thursday 18th April 2024
Speaker(s): John Bunker, Simon Douglas, Naomi Neville & Mark Pollock, Peter Rayney
CPD Time: 6 Hours
Duration: 6 Hours
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KEY SUBJECTS

  • PRIVATE CLIENT TAX PLANNING UPDATE, FOLLOWING THE SPRING BUDGET
  • TAX CONSEQUENCES OF TRUSTS AND ESTATES LITIGATION
  • CAPITAL GAINS TAX PLANNING FOR INDIVIDUALS, ESTATES AND TRUSTS IN 2024
  • IHT PLANNING WITH PENSIONS AND LIFE ASSURANCE AFTER THE PLANNED REMOVAL OF THE PENSIONS LIFETIME ALLOWANCE LIMIT ON 6 APRIL 2024
  • RETIREMENT TAX PLANNING ISSUES FOR GENERAL PRIVATE CLIENT PRACTITIONERS

SPEAKERS

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

Simon Douglas, Barrister, 5 Stone Buildings

Naomi Neville, Solicitor, Partner, Irwin Mitchell

Mark Pollock, Financial Planner, Partner, Evelyn Partners

Peter Rayney, FCA CTA (Fellow) TEP, Peter Rayney Tax Consulting, Corporate and Owner Managed Business Tax Specialist

PROGRAMME

CHAIRMAN’S INTRODUCTION

PRIVATE CLIENT TAX PLANNING UPDATE, FOLLOWING THE SPRING BUDGET

This talk will reflect on the limited tax changes in the Autumn Statement in Nov 2023, and anything in the Spring Budget on 6 March, and how much it has (or hasn’t) changed the Stealth Tax world of squeezed / cut allowances, exemptions etc. We will consider:

  • What this means for advising clients, ahead of a likely General Election
  • Taking stock of key tax planning opportunities, including for Inheritance Tax
  • Specific action clients might wish to take in the stealth tax environment

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

TAX CONSEQUENCES OF TRUSTS AND ESTATES LITIGATION

When parties are litigating over trusts and estates, the tax consequences of their claims can sometimes be an afterthought. However, tax issues can have a significant effect on how a settlement is structured, and if advised properly parties can often mitigate their exposure to IHT and CGT. This talk will look at some common types of disputes in private client work and examine the tax issues that arise, with hints and tips about how parties might plan for them.

  • CGT and IHT issues of settling trust disputes
  • Using deeds of variation to settle will disputes
  • Tax issues in proprietary estoppel cases
  • Settling claims for family maintenance under the 1975 Act in tax efficient ways

Simon Douglas, Barrister, 5 Stone Buildings

CAPITAL GAINS TAX PLANNING FOR INDIVIDUALS, ESTATES AND TRUSTS IN 2024

The huge reductions in the annual exempt amounts for CGT highlights the importance of clients planning ahead for future capital gains, including executors and trustees. This talk will try to take a longer term view, to see how we can encourage clients to do longer term CGT planning. We will consider:

  • What happens to gains in an estate and the assets transferred to a trust or beneficiaries?
  • Where are the potential exemptions and reliefs?
  • What options are there to “hold-over” gains, for trustees and individuals?
  • How does CGT planning fit in with IHT and the asset protection aims of some trusts?
  • How can individuals deal with large, built-up gains, eg on property?

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer

IHT PLANNING WITH PENSIONS AND LIFE ASSURANCE AFTER THE PLANNED REMOVAL OF THE PENSIONS LIFETIME ALLOWANCE LIMIT ON 6 APRIL 2024

Pensions are one of the four major sources of client wealth, with homes, equity investment and businesses. IHT planning with pensions is critically important. Many clients make nominations of pensions benefits at an early stage but don’t keep them up to date when there is so much potential to use them in estate planning. Life assurance is also a great source of funds, also often overlooked in value, especially with huge changes in insurance companies, and sometimes with advisers too.

This presentation by two experienced practitioners in the estate planning field, addressing legal and financial planning aspects as well as the pure tax, aims to cover these issues in an integrated way.

  • The removal of the lifetime allowance cap on pensions, due from 6 April 2024, also presents a new estate planning opportunity, following the provisions introduced in 2015/16. What does this mean for clients for IHT planning?
  • How can pensions best be used to help IHT mitigation and where are the tax traps?
  • How does the Residence Nil Rate Band (RNRB) and the loss of RNRB by taper affect action with pensions?
  • Where do nominations of benefit and a letter of wishes fit into planning in practice?
  • What is the effect for will planning and the use of trusts, including the Nil Rate Band Discretionary Trust?
  • How can life assurance help? Turning income into tax free capital?
  • Reviewing the tools at the disposal of clients in their estate planning, from the legal/tax planning and financial planning perspectives

Naomi Neville, Solicitor, Partner, Irwin Mitchell

Mark Pollock, Financial Planner, Partner, Evelyn Partners

RETIREMENT TAX PLANNING ISSUES FOR GENERAL PRIVATE CLIENT PRACTITIONERS

  • An outline of some of the key tax issues to be considered when business clients are looking to retirement
  • How BADR and CGT business gift relief works, any pre-retirement or succession planning that needs thinking about, IHT issues with gifts of assets with APR/BPR pre-sale etc.
  • A guide for private client solicitors and other non-specialists, of the key tax issues to help clients plan ahead. The aim of this talk is to enable practitioners to give some initial advice, even if more specialist advice is then needed

Peter Rayney, FCA CTA (Fellow) TEP, Peter Rayney Tax Consulting, Corporate and Owner Managed Business Tax Specialist.

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