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Post-death rearrangements Flashcards

(3 cards)

1
Q

what can a B who doesn’t want to inherit the property do? how are the possible actions different?

A

o Disclaim the property (cannot choose who inherits); or
o Redirect the property to another person (= variation)

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2
Q

explain the benefit of s.142 IHT in this context

A

disclaiming/varying would normally give rise to IHT/CGT, but s.142 allows the transfer to be ‘read back’ as if D made the transfer (i.e. avoiding double taxation) if conditions are met

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3
Q

what are the s.142 conditions?

A

o Disclaimer/variation must be in writing + inc. a statement that s.142 applies
o Within 2 years of death
o It cannot be for money or money’s worth

PRs will need to be party to the agreement if more tax is payable (i.e. if spouse/CP exemption would have applies (so no tax) but variation now means it will be taxed)

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