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Variations and other alterations to the estate ― overview

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Variations and other alterations to the estate ― overview

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
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The variations and other alterations to the estate sub-topic considers any tax planning that can be done after death. This can include the making of a deed of variation or the disclaiming of a gift. Appointments from Will trusts have their own special treatment under IHTA 1984, s 144 and court orders under the I(PFD)A 1975 have a similar relief. The tax effects of precatory trusts are also considered. Where land, shares or assets valued together with other assets are sold after death at a value less than that included in the inheritance tax computation on death, relief may be available to reduce the inheritance tax due. Finally, cross-border issues are considered. Tax fictions accepted for UK tax purposes are unlikely to be recognised in other jurisdictions and always take local advice.

Deeds of variation

The Deeds of variation guidance note explains what a deed of variation

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  • 26 Nov 2024 08:45

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