Inheritance tax, who's liable and how much?
10 June 2003, 02:47 PM
#1
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Here's a hypothetical question!
Two sisters inherit a property bequethed by their mother. The value at todays market is around £400k If they split it 50/50 how much inheritance tax are they liable for? Does it come out of the estate before the proceeds are divvi'd up? or do the individuals pay so much each?
Can it be avoided altogether if the proerty is transferred into the sisters names before the mother passes on?
Any legal eagles here care to offer some advice>
Thanks in advance
10 June 2003, 02:56 PM
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If i remember corrctly, if you transfer ownership a certain number of yrs prior to death inheritance tax can be avoided.
Probably wrong tho.
Been talking about this with my parents recently-about the best way to keep the govts grubby mits off it.Open to any suggestions also
Probably wrong tho.
Been talking about this with my parents recently-about the best way to keep the govts grubby mits off it.Open to any suggestions also
10 June 2003, 03:00 PM
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I think its 7 years, but not sure if the parenets have to pay rent to live there. I guess I should take proper lagal advice, but any someone must have gone through the process and have something to offer.
10 June 2003, 03:13 PM
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Many Tax Avoidance Schemes........hehe
Though nothing like a Personal Tax Advisor
Funding the liability using whole of life policies
Traditionally many Insurance Companies have offered last survivor whole of life plans written under trust for one's beneficiaries. The sum insured under the policy is paid free of Inheritance Tax and can be used to meet the Inheritance Tax liability on the Estate. The premiums are deemed to be a gift and may fall within the annual exemption (currently £3,000 per individual per annum), gifts from income or even be treated as potentially exempt transfers. These types of policy are most suitable for those in their early years of retirement and who are in good health. These plans are not normally available for those in poor health or above the age of 80 and in any event the premium required may be too expensive. The policies will pay the sum assured tax free to the beneficiaries upon the second death and this can be a very effective way of taking care of one's Inheritance Tax problem. It is important to take independent financial advice to obtain the most competitive terms as premiums can vary enormously.
Loan (and Gift) Schemes
A number of providers operate excellent loan trusts or gift and loan trusts which enable those individuals with a capital sum to invest and achieve the following:-
Growth on their savings outside of their Estate and Inheritance Tax free.
The ability to enjoy tax free income of 5% per annum for 20 years.
The ability to access on demand all or part of the remaining capital invested.
Initially a trust is established often with a small gift i.e. £3000. Any gift should be an outright gift to the beneficiaries which is held by the trust and invested by the trustees. The trustees are, of course, the investors so they have complete control over where the money is invested and who is the beneficiary or beneficiaries. Having established the trust an interest free loan of the remaining monies to be invested is then made to the trustees and once again this is invested by them. Normally the loan is repaid by way of monthly instalments often equal to 5% per annum which is tax free in the hands of the investor. All growth on the monies remaining in the trust belongs to the beneficiaries and is outside of the investors' estate for Inheritance Tax .
It is usual for the trustees to invest into an insurance bond and this can be held offshore to benefit from tax free growth during the plan's lifetime. Insurance companies offer a number of excellent funds including with profit funds enabling the trustees to choose from a wide range of investment mediums.
These plans are very suitable for those in their early stages of retirement who wish to maintain regular income from their capital and also wish to have the ability to access the monies invested if required. The Inheritance tax saving is achieved on the growth in the fund and can be very substantial after 10 or 15 years. Many insurance companies will also supply the trust wording although independent financial advice should be sought particularly with regard to the choice of plan and investment strategy.
Discounted Gift Scheme
This type of Scheme is suitable for individuals who are elderly or perhaps in poor health and who are less concerned with having immediate access to their capital but may require a regular income. Rather uniquely, these plans can achieve a very substantial reduction in the Inheritance Tax liability immediately the Scheme has been set up. Some other types of arrangement rely entirely upon the seven year potentially exempt transfer rules whereby no real saving is achieved in the first three years and the full saving is not achieved until after seven years.
Under a Discounted Gift Scheme, an individual makes a one off gift into a series of single premium investments which are designed to mature after one year, two years, three years, etc. During the period that the monies are invested, the death benefit will be subject to a trust and paid to the chosen beneficiaries. The underlying investment funds are normally held offshore to benefit from tax free growth during the term of the plan. Each year one investment will mature and will be returned to the investor as income. If however the investor does not require income the term of the investment may be extended.
Upon death the investments which have not matured will then be available to the beneficiaries. At the inception of the plan the Inland Revenue will estimate, based on mortality rates and the investor's health, the amount of the investment which is unlikely to be returned to the investor as maturities and will apply a discount to the value of the gift in a similar manner to an annuity.
In a recent example, an elderly widow made a gift of £235,000 into a discounted gift scheme for her son and daughter. Being aged 85 and in reasonable health, the Inland Revenue treated the gift for Inheritance Tax purposes as only £145,000. This created an immediate tax saving of 40% on £90,000 i.e. £36,000. The important point for the investor was that she retained the right to income each year and also as a trustee could if she wished alter the beneficiaries and have control of the investment strategy. The remainder of the gift i.e. £145,000 may also be tax free should she survive seven years.
This type of plan is without doubt the most attractive scheme available for elderly relatives who require income. Once again independent advice must be sought regarding the suitability and choice of the plan and investment strategy.
Retained Interest Trust
The Retained Interest Trust is a relatively simple Inheritance Tax plan which involves individuals making a gift to a trust for the benefit of selected beneficiaries. A portion of the gift will be earmarked as retained by the investor should he or she require access to capital. The remainder will be deemed to be an outright gift and subject to the normal rules regarding potentially exempt transfers (PETS). These are normally referred to as PETs! They occur where an individual makes a gift which would normally be taxable on death, but if he or she survives 7 years the gift becomes exempt. The value of the gift is also reduced between 3 and 7 years. Currently there is no limit on most gifts, excluding gifts to certain types of trust, which may qualify as PETs. All growth on the gifted part will be outside of the Estate for Inheritance Tax purposes. Growth on the retained part will be deemed as part of the Estate for Inheritance Tax. The monies are normally invested by the Trust into an offshore insurance bond from which 5% of the total amount invested can be withdrawn tax free for 20 years. Income withdrawn is deemed to be repaid from the retained part of the investment and any growth on this retained element. This plan can achieve very substantial tax savings after a period of 7 years and is particularly suitable for investments in excess of £500,000.
The above plans are not an exhaustive list of those offered by Insurance Companies but give a good indication of the types of schemes available. In all cases it is imperative that professional independent financial advice is sought from a firm specialising in Inheritance Tax structures. Jackson Batten Financial Group are able to provide detailed recommendations as to the most suitable plan and have been advising clients on Estate Planning since 1964.
Though nothing like a Personal Tax Advisor
Funding the liability using whole of life policies
Traditionally many Insurance Companies have offered last survivor whole of life plans written under trust for one's beneficiaries. The sum insured under the policy is paid free of Inheritance Tax and can be used to meet the Inheritance Tax liability on the Estate. The premiums are deemed to be a gift and may fall within the annual exemption (currently £3,000 per individual per annum), gifts from income or even be treated as potentially exempt transfers. These types of policy are most suitable for those in their early years of retirement and who are in good health. These plans are not normally available for those in poor health or above the age of 80 and in any event the premium required may be too expensive. The policies will pay the sum assured tax free to the beneficiaries upon the second death and this can be a very effective way of taking care of one's Inheritance Tax problem. It is important to take independent financial advice to obtain the most competitive terms as premiums can vary enormously.
Loan (and Gift) Schemes
A number of providers operate excellent loan trusts or gift and loan trusts which enable those individuals with a capital sum to invest and achieve the following:-
Growth on their savings outside of their Estate and Inheritance Tax free.
The ability to enjoy tax free income of 5% per annum for 20 years.
The ability to access on demand all or part of the remaining capital invested.
Initially a trust is established often with a small gift i.e. £3000. Any gift should be an outright gift to the beneficiaries which is held by the trust and invested by the trustees. The trustees are, of course, the investors so they have complete control over where the money is invested and who is the beneficiary or beneficiaries. Having established the trust an interest free loan of the remaining monies to be invested is then made to the trustees and once again this is invested by them. Normally the loan is repaid by way of monthly instalments often equal to 5% per annum which is tax free in the hands of the investor. All growth on the monies remaining in the trust belongs to the beneficiaries and is outside of the investors' estate for Inheritance Tax .
It is usual for the trustees to invest into an insurance bond and this can be held offshore to benefit from tax free growth during the plan's lifetime. Insurance companies offer a number of excellent funds including with profit funds enabling the trustees to choose from a wide range of investment mediums.
These plans are very suitable for those in their early stages of retirement who wish to maintain regular income from their capital and also wish to have the ability to access the monies invested if required. The Inheritance tax saving is achieved on the growth in the fund and can be very substantial after 10 or 15 years. Many insurance companies will also supply the trust wording although independent financial advice should be sought particularly with regard to the choice of plan and investment strategy.
Discounted Gift Scheme
This type of Scheme is suitable for individuals who are elderly or perhaps in poor health and who are less concerned with having immediate access to their capital but may require a regular income. Rather uniquely, these plans can achieve a very substantial reduction in the Inheritance Tax liability immediately the Scheme has been set up. Some other types of arrangement rely entirely upon the seven year potentially exempt transfer rules whereby no real saving is achieved in the first three years and the full saving is not achieved until after seven years.
Under a Discounted Gift Scheme, an individual makes a one off gift into a series of single premium investments which are designed to mature after one year, two years, three years, etc. During the period that the monies are invested, the death benefit will be subject to a trust and paid to the chosen beneficiaries. The underlying investment funds are normally held offshore to benefit from tax free growth during the term of the plan. Each year one investment will mature and will be returned to the investor as income. If however the investor does not require income the term of the investment may be extended.
Upon death the investments which have not matured will then be available to the beneficiaries. At the inception of the plan the Inland Revenue will estimate, based on mortality rates and the investor's health, the amount of the investment which is unlikely to be returned to the investor as maturities and will apply a discount to the value of the gift in a similar manner to an annuity.
In a recent example, an elderly widow made a gift of £235,000 into a discounted gift scheme for her son and daughter. Being aged 85 and in reasonable health, the Inland Revenue treated the gift for Inheritance Tax purposes as only £145,000. This created an immediate tax saving of 40% on £90,000 i.e. £36,000. The important point for the investor was that she retained the right to income each year and also as a trustee could if she wished alter the beneficiaries and have control of the investment strategy. The remainder of the gift i.e. £145,000 may also be tax free should she survive seven years.
This type of plan is without doubt the most attractive scheme available for elderly relatives who require income. Once again independent advice must be sought regarding the suitability and choice of the plan and investment strategy.
Retained Interest Trust
The Retained Interest Trust is a relatively simple Inheritance Tax plan which involves individuals making a gift to a trust for the benefit of selected beneficiaries. A portion of the gift will be earmarked as retained by the investor should he or she require access to capital. The remainder will be deemed to be an outright gift and subject to the normal rules regarding potentially exempt transfers (PETS). These are normally referred to as PETs! They occur where an individual makes a gift which would normally be taxable on death, but if he or she survives 7 years the gift becomes exempt. The value of the gift is also reduced between 3 and 7 years. Currently there is no limit on most gifts, excluding gifts to certain types of trust, which may qualify as PETs. All growth on the gifted part will be outside of the Estate for Inheritance Tax purposes. Growth on the retained part will be deemed as part of the Estate for Inheritance Tax. The monies are normally invested by the Trust into an offshore insurance bond from which 5% of the total amount invested can be withdrawn tax free for 20 years. Income withdrawn is deemed to be repaid from the retained part of the investment and any growth on this retained element. This plan can achieve very substantial tax savings after a period of 7 years and is particularly suitable for investments in excess of £500,000.
The above plans are not an exhaustive list of those offered by Insurance Companies but give a good indication of the types of schemes available. In all cases it is imperative that professional independent financial advice is sought from a firm specialising in Inheritance Tax structures. Jackson Batten Financial Group are able to provide detailed recommendations as to the most suitable plan and have been advising clients on Estate Planning since 1964.
10 June 2003, 03:29 PM
#5
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Thanks Tiggs....thats along the lines of what I was looking for.
To take it one stage further then....She is still married, although the father isnt in the best of health. They would like to release circa £50k out of the property fairly soon.....Whats the best way to do that whilst still retaining full value as future inheritance?
Thanks also to Extreem for the tax avoidence schemes.
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10 June 2003, 03:49 PM
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freak....statistically....no!
in fact most clients dont gift the house for that reason.
someone once said "IHT is a tax on those who dont trust their children"
which is sort of true but he had obviuosly never meet me as i have loads of clients who dont trust their children but i still save them money
in fact most clients dont gift the house for that reason.
someone once said "IHT is a tax on those who dont trust their children"
which is sort of true but he had obviuosly never meet me as i have loads of clients who dont trust their children but i still save them money
10 June 2003, 03:57 PM
#9
as Tiggs says, things are a bit easier when both parents are still around. When it gets difficult is in cases such as my mum, who is widowed. Although she trusts me (or so she says 
) she does not have a large enough income to pay rent (assuming she gifted me the house) as the rent has to be at market value. Also, any rent I receive would be taxable, and presumably if I eventually sold the house I would be liable to CGT on the increase in value between when I received the house and when I sold it. This doesnt seem to leave many options unfortunately.
Steve
) she does not have a large enough income to pay rent (assuming she gifted me the house) as the rent has to be at market value. Also, any rent I receive would be taxable, and presumably if I eventually sold the house I would be liable to CGT on the increase in value between when I received the house and when I sold it. This doesnt seem to leave many options unfortunately.Steve
10 June 2003, 04:02 PM
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steve,
i assume she has been widowed over 2 years? otherwise a deed of variation can alter her husbands will.
if she has then equity release is prob easiest...although we rarley bother on houses under 800k as its often not worth the hassle.
T
i assume she has been widowed over 2 years? otherwise a deed of variation can alter her husbands will.
if she has then equity release is prob easiest...although we rarley bother on houses under 800k as its often not worth the hassle.
T
10 June 2003, 04:17 PM
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£600 is tricky, as you say there is big tax if left but trying to get an elderly client to have a £200k + mortgage to improve the tax position is not always easy!
which is a pity, as most of our clients are impressed at how simple a few hundread grand can be saved....although i've given up telling this to anyone is isnt 110% open to the idea as you cant teach an old (stubborn) client new tricks!
which is a pity, as most of our clients are impressed at how simple a few hundread grand can be saved....although i've given up telling this to anyone is isnt 110% open to the idea as you cant teach an old (stubborn) client new tricks!
10 June 2003, 06:41 PM
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One last thing...
How do you bring the subject up with your parents...? I just cant - seems to involve greed and death, rather than cold logic tax avoidance...
I believe mine have done that 7 year thing when one of them goes - remember something about it from many years ago. Frankly I dont thik that will cut it though with house prices being as they are...
Any tips Tiggs/Oprah!!!
D
How do you bring the subject up with your parents...? I just cant - seems to involve greed and death, rather than cold logic tax avoidance...
I believe mine have done that 7 year thing when one of them goes - remember something about it from many years ago. Frankly I dont thik that will cut it though with house prices being as they are...
Any tips Tiggs/Oprah!!!
D
10 June 2003, 10:34 PM
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Diesel,
You can't (bring it up with your parents)
First rule of Inheritance Tax planning is "It isn't yours 'til it's yours".....
Second Rule of Inheritance Tax Planning is "don't do anything if you have any doubts about your (parents) future needs"
Tiggs and I deal with enough old ladies living on next to nothing whilst sitting on £half million piles trying to preserve their estate for kids who earn £110 grand a year and who would, if asked say 'spend it Mum'.....
If your parents think they can afford to do some estate planning they'll already be looking into it...
You can't (bring it up with your parents)
First rule of Inheritance Tax planning is "It isn't yours 'til it's yours".....
Second Rule of Inheritance Tax Planning is "don't do anything if you have any doubts about your (parents) future needs"
Tiggs and I deal with enough old ladies living on next to nothing whilst sitting on £half million piles trying to preserve their estate for kids who earn £110 grand a year and who would, if asked say 'spend it Mum'.....
If your parents think they can afford to do some estate planning they'll already be looking into it...
11 June 2003, 07:28 AM
#20
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You can also have a partnership in the house ie a third each etc then everyone is happy and the parents don't feel like they will be kicked out at the end of the day.....
Overseas property is also a good way, so are buying paintings which get lost in house moves......
So is withdrawing cash and stashing it somewhere, though not under the bed as thieves may get to it....
Overseas property is also a good way, so are buying paintings which get lost in house moves......
So is withdrawing cash and stashing it somewhere, though not under the bed as thieves may get to it....
11 June 2003, 09:13 AM
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Caveats for extreme scooby
You can also have a partnership in the house ie a third each etc then everyone is happy and the parents don't feel like they will be kicked out at the end of the day..... Unless the third partner (you) gets divorced or made bankrupt, in which case they could lose the house or at least a portion of it.
Overseas property is also a good way, so are buying paintings which get lost in house moves......If you 'lose' a painting you will still be liable for CGT.... Even if it gets burned and insurance pays out
So is withdrawing cash and stashing it somewhere, though not under the bed as thieves may get to it.... If using this method, pray that they don't hang on for another 20 years.... you would be better off paying the IHT. (If the client has available cash it is generally easier to do some planning with it... As Tiggs says - ideal solution on a 600k house is a 400k mortgage, with appropriate gifts, investments and will trusts etc set up. Main problem is getting a lender to give a 70 year old with little income a 400k mortgage. That said - it can be done.)
You can also have a partnership in the house ie a third each etc then everyone is happy and the parents don't feel like they will be kicked out at the end of the day..... Unless the third partner (you) gets divorced or made bankrupt, in which case they could lose the house or at least a portion of it.
Overseas property is also a good way, so are buying paintings which get lost in house moves......If you 'lose' a painting you will still be liable for CGT.... Even if it gets burned and insurance pays out
So is withdrawing cash and stashing it somewhere, though not under the bed as thieves may get to it.... If using this method, pray that they don't hang on for another 20 years.... you would be better off paying the IHT. (If the client has available cash it is generally easier to do some planning with it... As Tiggs says - ideal solution on a 600k house is a 400k mortgage, with appropriate gifts, investments and will trusts etc set up. Main problem is getting a lender to give a 70 year old with little income a 400k mortgage. That said - it can be done.)
11 June 2003, 10:45 AM
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XtremeScoobies, that is, quite frankly, crap advice.
1/3rd of a house.....why do that then? the 1/3rd can still be lost in divorce, etc as covered by fastbloke and the IHT gain is what?
paintings....are you serious? will you insure these paintings? if so they will show up on contents policies or are you suggesting that they are gifted and not declared, if so why not just gift and not declare the cash....either option is stupid, esp. if you gift it to the children who are executors as they will then sign the probate forms knowing that the infomation is incorrect (criminal offence)
overseas house....IHT on worldwide assets so whats the point? or is this another "opps, where did my house go, im sure it was here somewhere?" again, how do you suggest the audit trail for an overseas house purchase is hidden?
cash stashed away,
T
1/3rd of a house.....why do that then? the 1/3rd can still be lost in divorce, etc as covered by fastbloke and the IHT gain is what?
paintings....are you serious? will you insure these paintings? if so they will show up on contents policies or are you suggesting that they are gifted and not declared, if so why not just gift and not declare the cash....either option is stupid, esp. if you gift it to the children who are executors as they will then sign the probate forms knowing that the infomation is incorrect (criminal offence)
overseas house....IHT on worldwide assets so whats the point? or is this another "opps, where did my house go, im sure it was here somewhere?" again, how do you suggest the audit trail for an overseas house purchase is hidden?
cash stashed away,
T
11 June 2003, 01:33 PM
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Timbo - solid advice mate and very much appreciated. Kindly mail me your Company contact details in case I need advice on tax issues in future. I always seem to have a question I think of!
06 October 2003, 03:24 PM
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Wow, what a long post!
however, to answer the original post:
The house is £400k, assuming no other assets are in the estate then £255k is taxed at 0% the remaining £145k is taxed at 40%, tax bill of £58k.
It doesnt matter who the kids are or how they split it, the tax is on the estate (and payable by the esate) and not on the inheritance of the kids.
Assuming the Mum is still alive she can use life assurance (costly), gift the house now (pay rent) and live 7 years, place the house into a Double Trust and hope the Revenue dont overturn it or in a similar way use a defeasible life interest trust (last two need 7 years) or take equity release on the house and place that cash outside the estate.
If married there is lots she can do- i assume she isnt.
Tiggs
IHT and Investment Consultant
edit to add: The post above mine...you may want to re-consider naming a firm like that?
[Edited by Tiggs - 6/10/2003 3:26:52 PM]
however, to answer the original post:
The house is £400k, assuming no other assets are in the estate then £255k is taxed at 0% the remaining £145k is taxed at 40%, tax bill of £58k.
It doesnt matter who the kids are or how they split it, the tax is on the estate (and payable by the esate) and not on the inheritance of the kids.
Assuming the Mum is still alive she can use life assurance (costly), gift the house now (pay rent) and live 7 years, place the house into a Double Trust and hope the Revenue dont overturn it or in a similar way use a defeasible life interest trust (last two need 7 years) or take equity release on the house and place that cash outside the estate.
If married there is lots she can do- i assume she isnt.
Tiggs
IHT and Investment Consultant
edit to add: The post above mine...you may want to re-consider naming a firm like that?
[Edited by Tiggs - 6/10/2003 3:26:52 PM]
06 October 2003, 03:36 PM
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£50k can be taken via equity release. various types but a common option is interest role up where the debt just gets bigger every year.
the house will be sold on death and the debt repaid. it may be that the house value grew above the interest rate or perhaps the £50k goes into an IHT scheme and the saving that causes negates the effect of the interest....however, if its just spent then there is less for the kids....obvious.
HOWEVER, if hubby is alive they should consider placing the house as tennents in common and thus they can leave up to £255 EACH before tax by utilising both Nil Bands......gets complex and cant be bothered to explain but in short no one with an estate of £500 ish and married should pay much, if any, IHT. (although they do..mugs....in fact the IR themselves suggest 50% of IHT is paid by ppl that could have avoided it)
[Edited by Tiggs - 6/10/2003 3:42:32 PM]
the house will be sold on death and the debt repaid. it may be that the house value grew above the interest rate or perhaps the £50k goes into an IHT scheme and the saving that causes negates the effect of the interest....however, if its just spent then there is less for the kids....obvious.
HOWEVER, if hubby is alive they should consider placing the house as tennents in common and thus they can leave up to £255 EACH before tax by utilising both Nil Bands......gets complex and cant be bothered to explain but in short no one with an estate of £500 ish and married should pay much, if any, IHT. (although they do..mugs....in fact the IR themselves suggest 50% of IHT is paid by ppl that could have avoided it)
[Edited by Tiggs - 6/10/2003 3:42:32 PM]
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