Fact finding ― inheritance tax planning

Produced by Tolley in association with

Trusts and Inheritance Tax

Guidance

Preliminary matters

An essential first step of any estate planning exercise is to get to know the client and find out all the relevant information about his circumstances (past, present and future), as far as these can be determined.

The adviser will first need to complete the necessary identification procedures to comply with money laundering regulations. The usual client acceptance (on-boarding) procedures will need to be followed as well.

The adviser will then need to take instructions from the client. These should be recorded in writing and form part of the client care agreement so that the scope of the work to be undertaken is clearly understood by both adviser and client. The extent of the work may develop into other areas as the matter progresses and this should also be agreed on both sides.

What are the relevant

Access this article and thousands of others like it
free for 7 days with a trial of TolleyGuidance.

TAKE A FREE TRIAL

Emma Haley

Associate at Boodle Hatfield LLP

Emma Haley is a senior associate solicitor at leading private client firm, Boodle Hatfield LLP, renowned for providing first-class and practical legal advice to wealthy clients around the world. Emma has many years experience in dealing with all aspects of wills, probate, capital taxation and succession planning as well as UK and offshore trusts. Emma currently heads up a technical know-how team and is a regular writer and lecturer on estate planning and inheritance tax and also a member of the Society of Trust and Estate Practitioners.

Popular Articles

Personal Tax

Foreign tax relief

Foreign tax reliefIncome and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting

14 Jul 2020 11:44 | Produced by Tolley Read more

Tax Returns

Trusts and Inheritance Tax

Payments to trust beneficiaries

Payments to trust beneficiariesThis guidance note considers the trustees powers to make payments and whether the payment made is income or capital.This guidance note is designed to give outline and background for accountants and tax advisers who deal with clients establishing trusts. It is not

14 Jul 2020 12:52 | Produced by Tolley Read more

Corporation Tax

Corporate interest restriction ― administrative aspects

Corporate interest restriction ― administrative aspectsThe corporate interest restriction (CIR) regime has some specific administrative rules in addition to the general administrative requirements for corporation tax returns. This guidance note does not include commentary on provisions that are

14 Jul 2020 11:19 | Produced by Tolley Read more

UU��ֱ��