John Bunker, consultant with Irwin Mitchell, freelance legal and tax trainer and in the process of writing the The Law Society’s Inheritance Tax Planning Handbook, takes us through some estate planning basics, focussing on the processes and procedures to be aware of.
Learning objectives
In this session we covered…
- Changes to the probate application process
- Major changes to the way applications are made for a grant of probate and the aims of HM Courts & Tribunals
- Service (HMCTS); Limits to applying online
- How much information is needed and recent changes Where applications are processed and the new Probate Registry.
- Estates and trusts: variations within 2 years of death
- Basics on using sections 142 (estates) and 144 (trusts), Inheritance Tax Act (IHTA) 1984.
- An introduction to IHT and CGT
- Potential use of variations for securing spouse exemptions and BPR/APR
- RNRB and planning through variations
- IHT process changes for the Covid-19 crisis
- IHT accounts: new procedures to adapt to the situation
- Payments (and repayments) of IHT electronically
- Help in paying IHT during the crisis
