The first session is designed for those seeking an introduction to Inheritance Tax (IHT) and Business Relief (BR). We will briefly cover the history, evolution and basics of IHT in the UK, including a reminder of the calculation methodology of the nil rate band and residential nil rate band.
We will then move onto BR, covering the background and rational for the legislation as well as the current rules and conditions for the relief. By the end of the session, you will be familiar with the differences between unquoted and AIM based BR services and appreciate the potential opportunities for clients using these solutions. In addition, you will be able to identify the circumstances where BR investments could be suitable or beneficial, learning some tips and tricks when carrying out BR suitability assessments.
Learning Objectives:
- Understand the history and evolution of IHT in the UK
- Appreciate the intergenerational advice opportunity
- Understand how to calculate the nil rate band
- Understand the qualification criteria and how to calculate the residential nil rate band
- Be familiar with the background and rationale for BR
- Understand the types of BR qualifying investments available and identify the types of clients that would be suitable for these