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 questions to ask the client?

Once the client’s objectives are clear, the adviser should carry out

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

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

Owner-Managed Businesses

Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

14 Jul 2020 14:00 | Produced by Tolley Read more

Owner-Managed Businesses

Residential property and capital allowances

Residential property and capital allowancesResidential property ― plant and machinery allowancesOrdinary residential property does not, and never has, qualified for capital allowances. as CAA 2001, s 35 denies plant allowances for expenditure incurred in providing plant or machinery for use in a

14 Jul 2020 17:14 | Produced by Tolley in association with Martin Wilson and Steven Bone Read more

Employment Tax

Fuel-related payments / mileage payments

Fuel-related payments / mileage paymentsIntroductionMost employers will make payments to employees in relation to business travel. Among the most common payments in relation to business travel are fuel and mileage payments. If an employer does not reimburse these amounts, then the employee will be

14 Jul 2020 11:46 | Produced by Tolley in association with Philip Rutherford Read more

��Ƶ