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Inheritance tax planning and section 11 - a missed opportunity?

Working as a private client solicitor, it is important to know and make the most of the few tax allowances the government has left us with. But how often do advisers forget about section 11 of the Inheritance Tax Act?  

25 January 2012

It is fairly routine to speak to clients about potentially exempt transfers (PETs), surviving seven years from the date of a gift, or making use of annual allowances every year to assist with inheritance tax planning. However, there are some aspects of section 11 of the ITA that are much less frequently explored. For example, how often do solicitors take the time to review what a client is gifting to a spouse or child for maintenance, education and benefit? And, more importantly, are we reviewing this on the death of the client when looking at their estate? Gifts to minor children of a marriage should not be written off as chargeable gifts in a will.

One off

This is not an issue that comes up every working day, however it could be raised as a tax planning point more than one might think. It is definitely worth considering when there is a gift in a will to a minor child of the person who has deceased.   

Section 11 ...

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