Andrew Cockman reviews Inheritance Tax, Lifetime Transfers and the Death Estate by Megan Saksida that aims to make inheritance tax provisions accessible.
Inheritance Tax, Lifetime Transfers and the Death Estate by Megan Saksida
Claritax Books Ltd, £95
The aim of the author is to take the complexity of the inheritance tax (IHT) provisions and to break the rules down into their simple constituent components using clear and understandable examples. This is in order to make the concepts and calculations required accessible in a straightforward way. This objective has been more than achieved, making it a very accessible and useful publication for the seasoned practitioner and novice alike.
The focus of this book is on IHT compliance and planning for lifetime transfers and the death estate. IHT issues that arise only in the context of trusts are not covered in depth. The book follows the structure of the tax in a logical manner. The approach is practical and includes a chapter on grossing and double grossing, with useful examples. The text is divided into accessible sections, with references to the relevant legislation for readers to refer to. There are a large number of worked examples that are very clearly set out.
The book has many strengths. The many worked examples help the reader to understand the operation of the statutory rules, which can be very complicated in the way that they operate in practice. The sections on business property relief and agricultural property relief are very clear, as is the description of the gift with the reservation of benefit (GWRB) rules. Very helpfully, a chapter on pre-owned assets tax is included, which enables the reader to get to grips with the practical operation of the GWRB rules in all respects. At the end of a number of chapters is a section on pitfalls and planning points. This is very helpful and acts as a useful reminder.
A weakness of the book is that it does not also deal with the IHT rules in relation to trust taxation in any detail. The author makes it very clear that the publication does not seek to do this. However, what would be useful would be for a companion volume to be prepared that focuses on this aspect, and in the same level of detail.
On balance, this is an excellent book that sets out complex issues with great clarity and will be of interest both to the novice as well as to the experienced practitioner.
About the author
Andrew Cockman is Director of Tax Services at AMC Tax Consulting Limited and member of the Tax Faculty’s Private Client Committee