This is the one to buy if you are getting seriously into IHT. Written with humour, With excellent, realistic examples. Amusingly, his examples use musicians. E.g. Roy & Jeff are involved with the Electric Light Co, another Roy sets up the Wilbury Discretionary Trust, while Pete has a Civil Partner called Roger (can you imagine!!), and leaves a gift to his friend Keith. It's well written and UP TO DATE (@ Spring 2017) while the Dummies Guide I also purchased was badly OUT of date. This book saved me a LOT of money. Recommended.
An easy-to-read style of writing, with a little humour to lighten the subject, however I feel there are bits that simply don't make sense and/or where the writer assumes knowledge where perhaps he shouldn't. A lot of useful information which should push you in the direction of the right help, enabling you to ask the right questions, to get your planning in place.
This book was for my retired accountant husband who needed some background information on inheritance tax as we have reached the age of wisdom. He reads it in every spare moment, armed with his trusty highlighter. Much to his surprise he has found out much of interest (for instance, did you know you can use a remarried widow's deceased husband's IT allowance against her own estate's tax?). He can wholeheartedly recommend it.
As a property investor, I have read a number of Taxcafe's guides to saving tax and I have always found them to be most informative, well-written and helpful. This book is no exception and is quite possibly the most comprehensive book on Inheritance Tax available. If you are only going to buy one book on Inheritance Tax, get this one! The book explains in detail the principles of Inheritance Tax, the exemptions available, and practical steps that can be taken to save paying the tax. There are chapters on Inheritance Tax planning for married couples and of course tax planning using trusts. It is written in simple English with numerous examples to make it easy to understand. It is up-to-date with all the latest changes in legislation - the only change I'm aware of since the book was published is that if you pay the tax in instalments, interest is now charged at 2.75% rather than 3%. I thoroughly recommend this book, and, having met the author, can say that he has a very detailed knowledge and understanding of tax matters which also comes across in his books such as this one.
I was looking for guidance on the use of trusts as one way of making the best use of my late father’s estate. A copy of Carl Bayley’s book was made available to me in return for an impartial review.
I was pleasantly surprised to find that the guide on a potentially dry subject was thorough, yet readily digestible. It was well laid out and headed so you can easily focus in on those areas of specific interest. The strategies for effective wealth management to make the best use of inheritance tax allowances are well explained, emphasising the benefits of early life-time action, but also covering options for planning after death. I found the sections defining the rules around gifting and the interaction between inheritance tax and capital gains tax particularly informative. The impact of specific action plans, or lack thereof, are well illustrated throughout the book with examples. Trusts, the topic in which I currently have a particular interest, are examined in some detail, although I appreciate that I will need to seek professional advice in respect of my own circumstances. At least I now feel that have some idea what questions to ask when I next go to my solicitor for advice, and stand a better chance of understanding the answers.
This book will save our family some IHT. Great! Who wants to pay more tax?! We particularly valued the advice on how to give money away from your income on top of Annual & Small Gifts exemptions. The chapter on the IHT Planning Timetable was very helpful, summaring what one can do depending on your circumstances eg. remarriage, first grandchild, loss of capacity, deathbed planning etc. If you think your family might have to pay some IHT at some point but you aren't Super Rich then this book is for you.