Tax Partner Tim Cook (Wilder Coe) and Zahra Kanani (Partner, Wills and Tax planning at Thackray Williams) hosted this in-depth seminar for the International Estate Planning Council on 23rd June 2022.
Focusing on cross-border estates, business assets and real estate, they talk through Inheritance Tax and planning strategies for UK and non-UK domiciled individuals.
Tim explores the four types of domicile, and the factors and events that determine one’s domicile status. In the second half of his talk, Tim also looks at the intricacies of IHT for UK residential properties.
Zahra explains the importance of writing and structuring a Will, Lasting Powers of Attorney (LPA’s) and the possible challenges you or your clients might encounter.
- 00:00 Introduction
- 01:16 Tim Cook – Inheritance Tax (IHT) in the UK
- 07:44 Exemptions and tax rates for IHT
- 19:55 Business Property Relief
- 25:15 Transferable NRB & RNRB
- 29:56 Zahra Kanani – Wills for domiciled clients
- 32:22 Why write a will?
- 33:34 What does your “estate” include?
- 42:54 Will structures
- 51:53 Intestacy (dying without a will)
- 59:56 Challenges to Wills
- 1:15:22 Return after interval
- 1:16:45 Lasting Powers of Attorney (“LPA”)
- 1:30:52 Tim Cook – IHT UK Residential Property
- 1:39:45 Q&A
Do you have any UK Inheritance Tax and planning strategies questions? Our experienced team of tax advisors are on hand to help you through the complexities. Contact us here and arrange a free consultation.
