Podcast Location:
Download it here [file size: 28 MB]
Categories:
Tax Law
CPD Points:
Up to 1 point. details »

Due to the difference in guidelines between the SRA and the Bar Standards Board, CPD points are awarded differently for Solicitors, Barristers and Legal Executives:

Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This podcast aims to set out the framework of the transferable nil rate band allowance for Inheritance Tax between spouses and civil partners. It will examine the value of the nil rate band and the significance of the allowance becoming transferable between spouses after October 2007. Guidance is also given on some practical steps that professionals can take to ensure claims to a spouse's unused nil rate proceeds smoothly after the death of a 'surviving' spouse.

Outcomes:
After completing the course you will:
  • Know what is meant by the nil rate band and how much it is worth;
  • Know the background and rationale behind the introduction of the transferable nil rate band;
  • Know how the transferable nil rate band operates;
  • Be aware of how the nil rate band in the Inheritance Tax Act 1984 apply to deaths occurring before the current IHT regime was brought into force;
  • Understand the practical steps that can be taken to collate relevant paperwork in preparation for making an IHT return to HMRC;
  • Be aware of the matters that are often overlooked that arise in terms of accurate reporting to HMRC by lay administrators of estates.
Level:
Specialist Difficulty: 5 of 5
Classification:
Legal Principles
Procedural
Sources and References:
  • Finance Act 2007;
  • Finance Act 2008 Sch. 4;
  • Civil Partnership Act 2005;
  • Inheritance Tax Act 1984 s 8A-8C.

This podcast may be of interest to tax, private client practitioner and those who advise on the administration of estates. It discusses how the transferable nil rate band regime in the Inheritance Tax Act 1984 (as amended) operates as a means to avoid a IHT charge arising on transfers of property between spouses and civil partners.

Podcast added: 26/01/10

Podcast last reviewed: 2012-05-28

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