KEY POINTS
- Would-be parliamentarians who are non-domiciled can set up excluded property settlements.
- IHTA 1984 s 48 is not affected by CRGA 2010.
- Transfers between spouses need to be considered carefully.
- Double tax agreements may grant exemption from inheritance tax entirely e.g. India and Pakistan.
Tax practitioners worried about being sued for failing to provide proper and timely advice should be aware that there is yet another pitfall lying in wait for the unsuspecting adviser.
The question is this: have you overlooked the tax provisions contained in the Constitutional Reform and Governance Act 2010 (CRGA 2010)?
In passing this statute Parliament decided that there should be a one-off opportunity for each member of a small group of individuals...
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