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Hunters Law LLP
9 New Square
Lincoln’s Inn
London WC2A 3QN
Hunters Law
21st April 2023

An evening with Ten Old Square

An evening with Ten Old Square
Louise Garrett
Louise Garrett

We were delighted to welcome our friends and contacts to Lincoln's Inn this week, to hear from Elizabeth Atkinson of Ten Old Square Chambers on the top considerations to reduce the inheritance tax burden through careful lifetime planning.

Some key points:

  1. For those making lifetime gifts as part of normal expenditure out of income and planning for their estate to benefit from the inheritance tax relief available, actions you should take are:
    • Document the decision
    • Be consistent with the principle
    • Identify the source of income
    • Act before there is imminent anticipation of death
  1. For a gift of property, there are steps to ensure your compliance with the gift with reservation legislation if you will still benefit from the asset:
    • Take proper advice at the time of the gift
    • Act on the market value such that full market rent is paid by the donor for use of the property
    • Document the decision to support an arm’s length approach
    • Document any changes to the arrangement
  1. Often overlooked, relief can be provided in certain circumstances where there are dispositions for maintenance of:
    • A spouse or civil partner
    • A former spouse or civil partner
    • The transferor’s children
    • Other people’s children
    • A dependent relative

Here at Hunters, we have a wealth of experience and technical expertise which informs the specialist advice we provide to our clients in their succession planning.