Businesses & Farms: Maximising tax planning opportunities for clients. APR & BPR & Will Planning

Date & Time

14th May 2019 | Jurys Inn, 101 Stroudley Road, Brighton, BN1 4DJ | 2pm - 5pm

Cost

£100 + VAT (members) £120 + VAT (non members)

Description

Businesses & Farms: Maximising tax planning opportunities for clients. APR & BPR & Will Planning

With Inheritance Tax (IHT) and trust taxation under review, it’s important for clients to make the most of planning opportunities including best use of 100% reliefs from IHT.  This course will explore how to help business owners and farmers plan most effectively:

How APR & BPR work and how to help clients maximise the relief.  A refresher on the key elements of Agricultural and Business Property reliefs, including:

  • BPR for farmers;
  • When 50% BPR can be converted to 100% relief;
  • Learning from BPR Cases: such as Pawson, Vigne and Graham
  • “Mainly trading” and structuring/reviewing to secure relief as business changes,
  • Key issues for working with accountants;
  • Traps to beware, including the problem of too much cash – “excepted assets” losing BPR;
  • Including the use of examples to illustrate key points.

APR & BPR in Will planning: maximising reliefs including spouse planning:

  • How APR & BPR fit in with RNRB and the £2m threshold
  • Using Nil Rate Band Discretionary Trusts for APR & BPR
  • “Double dipping” into BPR on death of 2nd spouse
  • Cross option agreements to help effective APR/BPR planning
  • Also using examples to illustrate

A Topical tax update on current reviews: especially HMRC’s Review of Trust Taxation and the OTS Review of IHT:

  • What is happening, and what might it mean for your clients?

John Bunker is a freelance lecturer and Head of Knowledge Development, Tax Trusts and Estates of Irwin Mitchell Private Wealth. With over 25 years of experience as a solicitor specialising in wills, trusts, estate and tax planning, 20 years as a Chartered Tax Adviser, John serves as Chair of the Chartered Institute of Taxation’s Succession Taxes Sub-committee and on HMRC’s Capital Taxes Liaison Group and TACT’s Private Trusts Committee.  John moved in 2012 to his role, responsible for technical development and know-how, for Thomas Eggar’s 100 strong Private Client team, after 23 years as a partner. This role developed within Irwin Mitchell Private Wealth to include the former Berkeley Law and Sheffield head office teams.