Taxables - The next generation

Key points * General inheritance tax planning issues. * Effective use of the nil-rate band. * Using discretionary trusts. * The effect of different domiciles. * Deeds of variation.

WE FIRST MET 'the Taxables' in November 2006 when David Taxable explained the steps his tax adviser had taken when advising him with regards to the purchase of another business (See 'The Taxables: an everyday story …' Taxation 16 November 2006 p 162). The rest of the family mum Heather son Jack and daughter Penny had then also taken the opportunity to obtain some answers to their own tax questions. A few months down the line David went ahead with the business purchase and is now even busier than he was before. However he did have time to invite us to join his chartered tax adviser on a visit for a chat...