Estate Planning - 2023 Virtual Conference

Introduction

Chaired by John Bunker, this live broadcast conference with a panel of leading experts offers a comprehensive update as to the current hot topics in this fast-moving area.

Each session will provide a full opportunity for questions and answers.

Conference Agenda

This live and interactive 5 hour conference will cover the following:

10am-11am: Will & Variation Planning for Spouses - Strategies to Minimise IHT on a Second Spouse’s Death

John Bunker, Head of Private Client Knowledge Management, Irwin Mitchell

The ‘stealth tax’ regime developed in 2022, designed to squeeze as much tax out of individuals, estates and trusts without raising tax rates, makes the effective use of allowances and structures for trusts and estates all the more important.

So many estates of a first spouse to die give rise to planning opportunities to improve the long-term structure, for paying as little IHT as possible ‘at the end of the day’!

The session will cover:

• The alternative trusts that can be used, including Nil Rate Band Discretionary Trusts and how they work with the main residence exemption for CGT
• The forms of trust for property, including life interests and rights to occupy compared
• When should spouses ‘use’ a Nil Rate Band, or Residence NRB, or the transferable NRB & RNRB, on a first death, rather than leaving a spouse exempt gift?
• How arrangements can protect RNRB or otherwise save IHT
• What planning options can be offered to spouses that do not qualify for RNRB, as estates too large or not having descendants?

Morning Break

11:10am-12:10pm: Update on Business Property Relief (‘BPR’) in Corporate Group Structures

Laura Hutchinson, Partner, Forbes Dawson

This session will review the complicated matter of whether BPR applies to shares held in a corporate group.

Whilst there have been no changes to the legislation, the qualifying tests are subjective.

It is therefore important to keep abreast of HMRC’s current viewpoint.

The session will cover:

• A refresher on the qualifying conditions
• Recent examples of HMRC’s attitude on real life case studies
• Hypothetical examples highlighting the oddities that arise within a group structure
• Summaries of recent cases
• Some tax planning ideas to maximise relief
• How it is possible to establish certainty of whether the relief applies

12:10pm-1:10pm: An Update on Care Fees & the Requirement for Planning

Helen Forster, Director, HTF Legal

The new care fee regime is due to be rolled out in October 2025; this introduces a ‘cap’ on fees.

But how does it work, and how does it apply to clients?

This section of the conference will consider the new rules in more detail and the potential for care fees planning under the new system, as well as any potential pitfalls.

This session will cover:

• The current care regime
• The new regime from October 2025
• Assessment procedures and personal budgets
• Exemptions
• Planning for the future - the dos and don’ts

Break for lunch

2-3pm: Inheritance Act Claims - The Current Position

Julie Bell, Consultant Solicitor, Read Roper and Read Solicitors

Inheritance Act claims are at a record high and often attract unwanted media attention.

Testators can find the ability to bring these claims very unjust whilst claimants can view the claim as their last chance for financial recompense.

With increasing numbers of cohabiting couples and blended families these claims are likely to increase.

The session will cover:

• Inheritance Act claims update 2023
• How easy is it to disinherit people?
• What if anything can be done to mitigate the risks?
• Considering Hirachand v Hirachand are claims going to be more frequent?
• Claims by child beneficiaries: what can we take from Miles v Shearer?

Afternoon break

3.15-4.15pm: Estate Planning to Avoid Various Tax Traps & Unnecessary Tax Liabilities Under 'Stealth Taxes'

John Bunker, Head of Private Client Knowledge Management, Irwin Mitchell

The squeeze on all personal taxes, with the stealth tax regime, makes it timely to explore some potential tax traps, risks of tax liabilities that might be avoided and allowances to be preserved.

This session will cover:

• CGT for individuals, executors, and trustees with the slashing of the annual exempt amounts in 23/4 and 24/5
• Income tax on dividends - what the cuts in dividend allowances and extra tax charge on dividends mean for some clients and new obligations to do self-assessment returns
• RNRB and the £2m taper threshold - estate planning to avoid losing RNRB by taper, by spouses working together or a survivor planning after a first spouse dies
• Principal Private Residence (‘PPR’) relief for CGT - using the PPR election to maximise relief on more than one residence
• SDLT and the 3% higher rate additional dwellings charge - when can the charge be avoided, in estates, trusts etc?

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.