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13 April 2010
STEPHEN C HAGGETT reviews the tax and other issues that may arise when a deed of variation is used in estate planning
KEY POINTS
- The ability to rewrite will or intestacy rules.
- A vital tool in capital tax planning.
- A case study to illustrate potential tax savings.
- Myriad tax issues for unwary: a review of the various tax implications.
For those unfamiliar with the subject the concept at first glance appears to be a very simple one. For some time the law has allowed certain post-death tax-saving arrangements to be made that enable the beneficiaries under a will (or under the intestacy provisions) to vary their interest by ‘redirecting’ their inheritance. This has usually been accomplished by a deed of variation.
Non-tax factors can play a vital part in such arrangements and although some of these will be briefly touched upon this article will mainly focus on the myriad tax issues that affect such variations.
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