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  • Tax - Year-end tax planning checklist
    tax planning checklist 2017/18Each tax year there are a number of tax allowances, exemptions and rate bands which if not utilised are essentially wasted as you cannot carry them forward. We've put together a handy checklist to help you avoid overlooking anything that might be available to you - particularly if you have some degree of control over your income.How do I use the checklist?Just read through the planning points and consider whether you want to utilise any of them, but be aware that you need to have...
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  • Tax - Record of gifts
    Record of giftsOne way to reduce an inheritance tax (IHT) bill is to simply give away your wealth during your lifetime. Keeping a record of the gifts you've made and IHT exemptions claimed will help the executors of your estate tackle any queries from HMRC.Keep a recordTo help your executors it's well worth keeping a Record of Gifts detailing dates, amounts and beneficiaries. Keep your records with your will and update them annually - perhaps a good time to do so is when you complete your tax return. There...
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  • Tax - Chattel lease
    Chattel leaseIn order for a gift to be effective for inheritance tax (IHT) purposes, you must be excluded from benefiting, other than to a minimal extent, from the asset given away. However, you can use the asset without jeopardising your IHT position where you lease the asset from the person you gave it to. Not a gift with reservationWhere you make a gift and retain rights over it, for example giving antique furniture to your son or daughter, but keep it in your home, it remains part of your estate for inheritance...
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  • Tax - Deed of assignment of life policy
    Deed of assignment of life policyAs part of your estate planning you might want to transfer a life insurance policy to someone else, say a son or daughter. You can do this by assigning the benefits of the policy to them. Share your estateYou cannot give away an insurance policy as such, because the terms under which the insurance is written are specific to the policy holder. However, you can transfer the value of a life assurance policy by assigning its benefits, i.e. a payout on the death of the person insured,...
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