second edition
The latest practical and technical information for professionals connected to estate planning
download your free copy
£5.2
IHT receipts in 2019/20
billion
key updates
Estate planning
“People spend a lifetime accumulating wealth and this can be ravaged by tax – planning can increase the amount going to future generations.”
Neil Jones, CANADA LIFE
A Professional's Guide to
what's inside?
The Context of Estate Planning
pages
Estate Planning Options
118
Case Studies
Professional Connections
90%
in Entrepreneurs Relief in 2020
decrease
93%
over-55 who have made no specific care provision
decrease
1.5
adults receiving an inheritance per year by 2047 (1m in 2017)
million
DISCLAIMER
This publication is not included in the CLA Licence so you must not copy any portion of it without the permission of the publisher. All rights reserved. No parts of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means including electroic, mechanical, photocopy, recording or otherwise, without written permission of the publisher. This publication contains general information only and the contributors are not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional adviser. Neither the contributors, their firms, affiliates nor related entities shall be responsible for any loss sustained by any person who relies on this publication. The views and opinions expressed are solely those of the authors and need not reflect those of their employing institutions. Although every reasonable effort has been made to ensure the accuracy of this publication, the publisher accepts no responsibility for any errors or omissions within this publication or for any expense or other loss alleged to have arisen in any way in connection with a reader’s use of this publication. This publication is based on the authors’ understanding of the structure of the arrangements detailed, the current tax legislation and HM Revenue & Customs practice as at January 2021 which could change in the future. It is not an offer to sell, or a solicitation of an offer to buy, the instruments described in this document. Intelligent Partnership is not authorised and regulated by the Financial Conduct Authority and does not give advice, information or promote itself to individual retail investors. It is the responsibility of readers to satisfy themselves as to whether any arrangement contemplated is suitable for recommendation to their clients. Tax treatment depends on an investor’s individual circumstances and may be subject to change. Certain investments carry a higher degree of risk than others and are, therefore, unsuitable for some investors.
£5.5
Set to pass between generations over next 30 years
trillion
learning objectives
After reading the Guide, professionals will be able to:
Describe the range of estate planning options that are available
Evaluate estate planning advice their clients have received
Identify key aspects that need to be taken into account when considering engaging with estate administration
Explain how working with professional connections can aid in intergenerational wealth planning
Define the main terms and rules that apply in the Inheritance tax arena
thought leadership
Later life Lending: Helping clients to make the best use of their housing wealth
TISH HANIFAN, SOLLA
TRUST COMPLEXITIES
SUSAN DALTON, THREESIXTY
developments in professional connections
Dave Seager, SIFA Professional
MORE INFO
in partnership with
“Advisers need to meet client demand for estate planning solutions that have an ethical focus and are diversified offerings.”
Jerry Price, blackfinch Group
“From an investment point of view, we never let the “tax dog wag the investment tail” so we ensure that the portfolio we create stands up on its own merits (confirmed by M J Hudson in their review of us in 2019).”
paul williams, Blankstone Sington
“Modern later life lending solutions like equity release are a flexible way of delivering better financial outcomes to clients with complex financial planning needs.”
STUART WILSON, KEY GROUP
CPD
Up to 4 hrs
Technical Developments
Rule Changes
what's new in edition 2?
The FCA Policy Statement on Pensions Transfer Advice: what it means
The Staveley Case and what it means for pension planning
Cox vs HMRC and how it contributes to the blurred lines in Business Relief qualification
Tax relief on in-specie pensions contributions and what's changed
Top slicing relief rule changes and what they mean when calculating the relief
Excluded Property Trusts statutory rules changes and what they mean
Approved knowledge-intensive EIS funds and what they have to offer your clients
Venture Capital Trusts and what they can contribute to tax and later life planning
The intersection of professional collaboration and intergenerational wealth transfer
Estate administration - why and how you should get involved
Funding stages and what they mean for the risk profile of a tax-advantaged investment
Mazimising charitable gifting for the estate and the charity
p18
p20
p21
p22
p36
p40
p47
p48
p80
p81
p94
p95
What's new
Make finalising your affairs easier by leaving a well-written will
Corin Holness, Kings Court Trust
Considerations for pension drawdowns and impacts on estate planning
Andrea Jones, Irwin Mitchell
IFAs and Estate Administration
Natalie Wright, Mazars
How to turn a probate licence into a family office
Richard Bertin, Tether
Pension sharing within divorce proceedings: practical considerations
Charlotte Coyle, Goodman Derrick
Sustainable investment and estate planning
Julia Dreblow, SRI Services
“Business Relief-qualifying offers can provide a flexible way for investors to pass on their investments to loved ones, free from IHT.”
SAM MCARTHUR, PUMA INVESTMENTS
“Estate planning should be about helping families retain their accumulated wealth, ensuring it passes to the right people, at the right time.”
John Humphreys, WAY Investment Services
Make finalising your affairs easier by leaving a well-written will
Corin Holness, Kings Court Trust
Considerations for pension drawdowns and impacts on estate planning
Andrea Jones, Irwin Mitchell
IFAs and Estate Administration
Natalie Wright, Mazars
How to turn a probate licence into a family office
Richard Bertin, Tether
Pension sharing within divorce proceedings: practical considerations
Charlotte Coyle, Goodman Derrick
Sustainable investment and estate planning
Julia Dreblow, SRI Services
“Advisers need to meet client demand for estate planning solutions that have an ethical focus and are diversified offerings.”
Jerry Price, blackfinch Group
“From an investment point of view, we never let the “tax dog wag the investment tail” so we ensure that the portfolio we create stands up on its own merits (confirmed by M J Hudson in their review of us in 2019)."
Paul Williams , Blankstone Sington
“Modern later life lending solutions like equity release are a flexible way of delivering better financial outcomes to clients with complex financial planning needs.”
STUART WILSON, KEY GROUP
“Business Relief-qualifying offers can provide a flexible way for investors to pass on their investments to loved ones, free from IHT.”
SAM MCARTHUR, PUMA INVESTMENTS
“Estate planning should be about helping families retain their accumulated wealth, ensuring it passes to the right people, at the right time.”
John Humphreys, WAY Investment Services
Practical Tips
Estate Administration
Technical Developments
Practical Tips
Rule Changes
Estate Administration
“There is rarely a one-size-fits-all solution and advisers need to consider a range of estate planning solutions.”
JESSICA FRANKS, OCTOPUS INVESTMENTS
“Each client scenario is unique, so an IHT calculator, such as www. IHTcalculator.com, can prove useful for financial planners, allowing them to input assumed growth rates for the value of different assets and calculate potential future IHT liabilities on the rising value of the estate.”
HENNY DOVLAND, tIME INVESTMENTS
“There is rarely a one-size-fits-all solution and advisers need to consider a range of estate planning solutions.”
JESSICA FRANKS, OCTOPUS INVESTMENTS
“Each client scenario is unique, so an IHT calculator, such as www.IHTcalculator.com, can prove useful for financial planners, allowing them to input assumed growth rates for the value of different assets and calculate potential future IHT liabilities on the rising value of the estate.”
HENNY DOVLAND, TIME INVESTMENTS