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What is the effect of Business Property Relief?
It reduces the value of an asset by either 50% or 100% when calculating the total value of the estate
What is the annual exemption for gifts for the purposes of inheritance tax?
£3 000
Can the £3 000 gift exemption for inheritance tax be rolled over?
Yes it can be rolled over into the next year
What is the rate of income tax on the lowest bracket?
20%
What are deductibles are available for capital gains tax?
Expenditure on the item which is not routine
What is the current rate of capital gains tax for residential property?
28%
Should interest on assets be reported to HMRC?
Yes
When must Capital Gains Tax be paid to HMRC?
Within 60 days of completion
What business property is subject to 100% relief?
Transfers of a business or interest in a business
Any unquoted shares in a company
Which business property is subject to 50% relief?
Quoted shares and securities in a company
Plant and machinery
When does taper relief begin to apply?
When the gift is made more than three years before death
When can Business Property Relief not apply to shares?
When they are shares in a public company
Does the £3000 gift exemption apply if no gifts are made?
NO
What options are there when wishing to acquire property from a will?
Deed of Variation signed by the beneficiary in question to alter the gift
Purchase the property from the estate
The beneficiaries gift the property once received
Purchase the property from the beneficiaries
What are the requirements for a Deed of Variation?
Beneficiaries agree
Personal Representatives agree
What is the position of gifting property to direct descendants in a will?
The Nil-Rate band will be increased by £175 000
What is the condition for purchasing property from an estate to which you are not entitled?
The beneficiary must agree
When will equity perfect an imperfect gift on death?
When the deceased has done everything in their power to divest the trust property to the beneficiary, despite not completing all of the formalities
Note 
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