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Tandem taxes

Julie Butler outlines the importance of marrying a capital gains tax strategy with inheritance tax planning

12 May 2016

With the recent budget announcement of the reduction in the rate of capital gains tax (CGT) from 28 per cent to 20 per cent for non-business assets, there will be a lot of focus on CGT planning. This will include the review of tax strategy around the approach of death. No matter how morbid the subject, it is something that must be faced.

As 'death is not a chargeable event for capital gains tax' it might be wondered, at a superficial level, why there is capital gains tax planning around death. It can be argued that death is something that is difficult to plan for in tax terms, as we never know when this will happen. However, there can be some very effective generic and death bed planning with regard to inheritance tax (IHT). For IHT protection, it is key to make sure that all the facts, evidence and legal documents etc. to support the tax reliefs are in place.

To achieve busi...

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