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myCPE

Tax Effects of Lifetime Gifting and Bequests in the UK 1 Credit

Jun 17, 2024, 10:00 AM ET

Tax Effects of Lifetime Gifting and Bequests in the UK 1 Credit

  • Chris Thorpe

    CTA (Fellow)
  • Rating

    5
  • Published on

    December, 1969
  • Subject Area

    Taxes

Learning mode

Live Webinar
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  • Answer the polling questions
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Jun 17, 2024, 10:00 AM ET

Learning Objective

  • To analyze the IHT and CGT implications of gifts from individuals.
  • To discuss the roles that trusts can play in succession planning.

Course Overview

Lifetime gifts can be a tax-efficient way to give away wealth during your lifetime without it being included within your estate and subject to inheritance tax.

A ‘lifetime gift’ is where cash or assets are given away during a person’s lifetime. The effect of such gifts is to remove value from that person’s estate. As such, lifetime gifts can reduce the amount of inheritance tax due after death and are often used as part of inheritance tax planning. 

This CPD course looks at the tax effects of lifetime gifting and bequests. As well as gifting, this webinar looks at the recipients, in particular, the role that trusts can play; also the nature of the assets behind the succession - how businesses within partnerships and limited companies can be passed down.

Key Topics Covered: 

  • The impact of domicile
  • Domicile of origin, dependence, and choice
  • PETs and CLTs in 7 years before death
  • Residential Nil Rate Band
  • Gift holdover relief
  • Advantages of the relevant property 
  • Business Property Relief

Join this CPD webinar by Chris Thorpe, we will cover the rules and inheritance tax implications.

Podcast Credits

Short Video Credits

On Demand Credits

Live Credits

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Additional Information

Credit

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

About Instructor

Chris Thorpe
Chris Thorpe , CTA (Fellow)

Technical Officer, Chartered Institute of Taxation

  • 4.9
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Chris is a Fellow of the Chartered Institute of Taxation and a member of the Society of Trust & Estate Practitioners. Having trained at Grant Thornton and previously qualifying as a barrister, he worked as lecturer at Mercia Group as well in several accountancy firms. He now works as a technical officer at the Chartered Institute of Taxation and is the author of Implied Trusts and Beneficial Ownership in Modern UK Tax Law.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

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Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

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George Robert Grant Ingles, CA - ICAEW

Although I found the information very technical I thought the presentation was excellent.

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