2.1 Evaluating relevance of tax planning
In order to establish whether inheritance tax planning is relevant to your circumstances you could follow the following steps:
- calculate your wealth
- take into account your available nil-rate band (you may need to refer to sections 1.5, 1.6, 1.7, and 1.15 to refresh your memory on this issue)
- if you are married or a civil partner, consider the impact of the spouse exemption and the transferable nil-rate band of your spouse or civil partner. (If necessary, refer to 1.8, 1.9, 1.10 and 1.15); if you are widowed, then consider the impact of the transferable nil-rate band of your former spouse or CP (as per 1.9 and 1.10).
To make your task even easier, further guidelines are provided for the most ...