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SRA Competency B


Chaired by Jo Summers and delivered by a panel of experts, this conference will focus on key developments in law and practice in a wide range of areas from APR and BPR in the content of the Agriculture Bill and Brexit, through to whether or not to use the NRB, RNRB or both.

Conference Agenda

This conference will cover the following:

9.30am - 10.15 am: Agriculture Property Relief & Business Property Relief Post the Agriculture Bill/Brexit

Julie Butler, Butler & Co. Chartered Accountants

With farming facing a commercial future without area based subsidies, this session will look at the current Agriculture Bill and the focus on subsidies for ‘public products’ such as ‘access to the countryside’ in the context of estate planning.

The session will cover:

  • Impact of Vigne and Graham on future estate IHT decisions
  • The importance of services for estate diversification and evidence thereof
  • IHT treatment of the Agriculture Bill and ‘public products’ for the estate
  • ‘Access to the countryside and the estate’ - can this be farming for IHT?
  • Expansion of IHTM manual to in include the growing of grapes for winemaking and cider apples as agriculture for the estate
  • Impact of the £1million AIA and the grain silo case on estate IHT relief and planning
  • Maximising estate income streams without risking ‘investment’ diagnosis

10.15am - 11.00am: Navigating the Complexities of Cross Border Estate & Tax Planning

Sarah Cormack, Partner, Mills & Reeve LLP & Gillian Kennedy-Smith, Principal Associate, Mills & Reeve LLP

Clients are increasingly global in their outlook and connections which only adds a layer of complexity to the tax position and ability to achieve the client’s overriding succession objectives.

This session will explore:

  • Succession planning and tax conflicts that can arise as a result of clients owning assets in multiple jurisdictions
  • Considerations where clients are affected by different legal regimes and other factors such as citizenship and religious laws
  • Brussels IV and other elections that can be made by your clients
  • Practical planning solutions to assist your international clients

11.15am - 12.00pm: Trusts v Family Investment Companies

Deborah Clark, Barrister and Partner, Mills & Reeve LLP

Over the last decade, family investment companies have emerged as a popular vehicle for estate planning, but how do they really compare with a trust, the more traditional vehicle?

This session will directly compare the two structures, looking at how flexible they are, how they are controlled, succession issues, what protection they offer and their tax treatment.

The session will help you to advise your clients on which structure to use and when as well as how to:

  • Understand the key differences between a trust and a FIC
  • Know which structure to use and when
  • Understand the tax benefits of each structure
  • Identify when a combination of both structures is the best solution

12.00pm - 12.45pm: Brexit & Estate Planning

Jo Summers, Partner, PWT Advice LLP

This session will explore how Brexit is affecting private clients: including whether investments into the UK are down, whether there are less people moving here from the EU and what EU citizens will need to do if they want to visit family in the UK.

The session will cover:

  • How is Brexit affecting private clients?
  • Are investments into the UK down and are less people moving here from the EU?
  • What effect will it have on UK clients investing/moving abroad?
  • Succession issues for EU sited assets
  • Tax issues including EU-wide exemptions and reliefs (will these change?)

12.45pm - 1.00pm: Questions

2.00pm - 2.50pm: Estate Planning for Spouses - Making the Most of RNRB

John Bunker, Head of Knowledge Development, Tax Trusts and Estates, Irwin Mitchell Private Wealth

RNRB so changes the tax planning criteria, spouses now need to review their estate planning strategy, especially those with assets of £1m-£5m, particularly to plan round the £2m taper threshold. The £2m threshold for RNRB, whereby the relief is lost by taper for estates over the limit, means an effective marginal IHT rate of 60%!

This means spouses need to re-think how they use their pensions and other assets. This session will consider the interaction of legal, tax planning and financial planning in this classic estate planning scenario, including some key financial planning elements that lawyers and tax advisers need to understand.

What are the best options to explore with clients: during their joint lives, and after the death of the first spouse?

The session will cover:

  • How does the taper of RNRB for estates over £2m affect financial planning and the use of classes of assets?
  • How do the taper rules work, as to what is within the estate for the £2m e.g. pensions in trust?
  • Any other options for lifetime planning including death bed planning?

2.50pm - 3.40pm: Avoidance-Related Penalties & ‘Disqualified Advice’

Patrick Boch, Barrister, Old Square Tax Chambers

Finance (No 2) Act 2017 inserted new provisions on errors related to avoidance arrangements and the effect of the amendments is broadly that (a) there is now a presumption of ‘culpability’ on the part of the taxpayer in avoidance cases and (b) the taxpayer cannot rely on professional advice to show he took reasonable care ‘where the advice is disqualified’.

This session will examine the ‘avoidance arrangements’ and ‘disqualified advice’ concepts, and give some practical suggestions on ensuring advice is not ‘disqualified’.

The session will explore:

  • The context of the new rules
  • What are ‘avoidance arrangements’?
  • What is ‘disqualified advice’?
  • Who will the rules affect (do you need to worry about them?)
  • How to ensure advice that is not ‘disqualified’

3.55pm - 4.45pm: To Use or Not to Use, the NRB, RNRB or Both?

John Bunker, Head of Knowledge Development, Tax Trusts and Estates, Irwin Mitchell Private Wealth

That is the key question for married couples and civil partners in will planning after RNRB.

Spouses also need to re-think their estate planning by will, the arrangements that will apply after the first death and whether an estate passes outright or in trust.

Trusts are increasingly important and this session will run through the different trusts to use at that stage. While the key focus is on IHT, CGT must not be forgotten so how can main residence (PPR) relief be claimed? The DOTAS regulations extended for IHT in April 2018 have implications for lifetime planning here, including variations within 2 years of death, so the HMRC Guidance needs careful attention.

The session will explore:

  • When should the Nil Rate Band be used, on the first spouse’s death, e.g. by a Discretionary Trust?
  • What about using the RNRB by a trust for children? How might that work in practice?
  • When can a Deed of Variation be used to put things right?
  • What are the issues with DOTAS for Variations?

4.45pm - Close: Questions

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Conference | 26.11.2019

London | 9:30am - 5:15pm

Estate Planning - 2019 Conference

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9:30am - 5:15pm
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