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Inheritance Tax Made Simple by Andrew Komarnyckyj

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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:

  1. calculate your wealth
  2. 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)
  3. 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 ...

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