Tax Planning

Tax planning with modification certificates

Deeds of amendment enable tax planning opportunities by effectively rewriting the will for inheritance tax purposes.

A declaration applying §142 IHTA 1984 allows the beneficiaries of a will to transfer received assets to another person without IHT consequences.

There is no transfer of value by the person making the change and the IHT is calculated on the basis that the will has been rewritten. This means that the tax planning window does not necessarily end on the day the taxpayer dies.

The deed must be drawn up within two years of death, it must be in writing and signed by the person or persons making the change. If appropriate elections are to be held, these must be included in the certificate.

Deviations can be made with regard to inheritance law. A joint tenancy agreement can also be terminated through a variant so that the property can be handed over in a will.

A deed of amendment cannot be issued for consideration in cash or monetary value. When it comes to consideration, no choice is permitted according to §142. “Recital” does not include making any other change to which s.142 applies. This enables beneficiaries to “swap” assets acquired under a will.

A choice is also possible according to §62 TCGA 1992, in order to consider the transfer of the property for CGT purposes as made by the deceased. This means that the person making the change has no disposition and the new beneficiary acquires the asset at the estate’s value. This nullifies any win in the hands of the person making the variation.

  • For more Lancashire business news, advice and analysis, subscribe to Lancashire Business View or join the LBV Hub from just £ 2.50 per month. Click here to subscribe now.

Related Articles

  • https://australiansweeper.com.au/sitemap.txt
  • https://secondhandsweepers.com.au/sitemap.txt
  • https://aaasharperedge.com/sitemap.txt
  • https://opticaromania.ro/sitemap.txt
  • https://cryptocoinsprice.org/sitemap.txt
  • https://usajobsgov.org/sitemap.txt
  • https://www.laetitia-benvenuti.fr/sitemap.txt
  • https://beevesting.org/sitemap.txt
  • https://allstartents.com/sitemap.txt
  • https://allprowebworks.com/sitemap.txt
  • https://batemandental.com/sitemap.txt
  • https://cherrycitytax.com/sitemap.txt
  • https://desarrollo.runachay.com.ec/sitemap.txt
  • https://carinaychris.com/sitemap.txt
  • https://morombi.com.py/sitemap.txt
  • https://continentalparaguay.com/sitemap.txt
  • https://latorreyasociados.com.py/sitemap.txt
  • https://veea.com.py/sitemap.txt
  • https://waranifit.com.py/sitemap.txt
  • https://casaburger.com.py/sitemap.txt
  • https://sabirysol.com/sitemap.txt
  • https://urodinamia.com.py/sitemap.txt
  • https://kzimagery.net/sitemap.txt
  • https://ebccm.com/sitemap.txt
  • https://gowlandtech.co.uk/sitemap.txt
  • https://cratis.hr/sitemap.txt
  • https://vatropromet.hr/sitemap.txt
  • https://tutao.ru/sitemap.txt
  • https://futbolki888.ru/sitemap.txt
  • https://deutschzusammen.ru/sitemap.txt
  • https://sharitzgroup.com
  • https://sharonsalzberg.com
  • https://shatebi.ir
  • http://shawgroupltd.com
  • http://shazi.pl
  • http://sherefe.ru
  • https://shield-man.com
  • http://shipcontrolstore.com
  • https://shipradars.com
  • https://shiroihacks.com
  • https://shopjw.org
  • https://shoppingntoday.com
  • https://shopterz.com
  • http://shreevaruhomes.com
  • https://shrijigroup.co
  • http://shutterwinkel.lanthopusx.nl
  • http://shutterwinkel-accept.lanthopusx.nl
  • http://sibekhas.ir
  • https://siberianurunler.com
  • http://sideriches.com
  • https://sidesout.com
  • https://sieuthisuckhoe.vn
  • https://sigachi.com
  • https://signaalpuntwestland.nl
  • https://signsandstuff.biz
  • https://sigurdurnordal.com
  • https://sikisoftware.com
  • http://silenza.be
  • https://silvanols.com
  • https://silvanols.lv
  • https://silverbackcompany.com
  • https://silvertouchcolorado.com
  • http://simonconsults.com
  • https://simonleefoundation.com.au
  • https://simplyfabulouscatering.biz
  • https://sims.blackdaisies.com
  • https://sinchaihua.com
  • https://singaporeacademyusa.com
  • https://singaporeherald.com
  • http://singularsolving.com
  • https://sirensandsailorsmusic.com
  • http://sirialuminum.com
  • http://sisa1.com.mx
  • https://siskiyouviolins.org
  • https://sistemas-liasa.com
  • http://site.pixel6.co
  • https://siteplugger.com
  • http://sitme.net
  • https://skeleton.jpn.com
  • https://skinenvy.com.au
  • https://sklep.ymaa.pl
  • https://skylineviz.com
  • https://skyloop.pro
  • http://skymarcenaria.com.br
  • https://skymotiondrones.com
  • http://skypic.lt
  • http://sleepinclermont.com
  • https://sloughelectrician.co.uk
  • https://smart-gadget.co.in
  • http://smarthomeasturias.com
  • https://smarthomedesign.store
  • https://smarttech.bm
  • https://smartwatchcafe.com
  • http://smcorp.co
  • http://smesf.ir
  • http://smiletransport.net
  • https://smiletravel.com.vn
  • https://smithpool.com
  • https://smkois.org
  • https://smogcheckvacaville.com
  • https://sobervegan.com
  • https://socialcoral.com
  • http://socialspeaks.org
  • http://sogetec-sa.com
  • https://solarteexteriores.com
  • http://solaryogaretreats.com
  • http://solinergy.com
  • https://soloseplantas.com.br
  • https://somosdiferentes.org
  • https://sonayilodges.com
  • https://songsfordisciples.com
  • http://sonorous.ge
  • http://sophieldel.com
  • https://sophycohen.com
  • https://soupl.net
  • http://sousnati.com
  • https://southernpackersandmovers.co.in
  • https://sp6.jastrzebie.pl
  • http://spaap.in
  • http://sparkplugsunlimited.com
  • https://spectrababy.com.my
  • https://spectrumlocks.com
  • https://spelt.org.pk
  • http://spirityou.com
  • https://splashmagazine.com.au
  • https://splatproducts.com
  • https://sportfocus.fi
  • https://sports-booker.com.cy
  • https://sportwettenfm.com
  • https://spot2000.com