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McCutcheon on Inheritance Tax
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McCutcheon on Inheritance Tax (Hardback)

£275.00
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BusinessFinance & accountingBusinessFinance & accountingFinanceTaxationLawLaws of Specific jurisdictionsTaxation & duties law Publisher: Sweet & Maxwell Ltd Publication Date: 01/12/2009 ISBN-13: 9781847035936  Details: Type: Hardback Format: Books
Availability: To Order. Estimated despatch in 1-3 weeks.  

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Customer Reviews

YES, INHERITANCE TAX IS STILL WITH US AFTER ALL THE SUGGESTIONS FOR ITS DEMISE ARE SCOTCHED An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers Politics continues to loom large when it comes to the “philosophically bankrupt idea of inheritance tax” which remains with us despite some political promises to the contrary over 20th century (and beyond) as nothing is more certain than death and tax, and when they come together this excellent book is what we end up with. As the editors say, since the last McCutcheon in 2013 (the first appeared from Barry McCutcheon in 1980), “we have seen several developments in relation to the tax which reflect more general changes in perception and priorities as well as the fulfilment of political pledges”. Yes, we have and we list the five main points below. For the seventh edition in 2017, the first point of explanation is that, following consultations in 2012, 2013 and 2014, the effectiveness of using “pilot trusts” to maximize the nil rate bands available to relevant property trusts has been greatly reduced, with same day additions into two or more trusts now being considered in calculating 10-year anniversary and exit charges as well as such trusts’ historic values. The second point is where the authors write that in a climate where it has “become increasingly suspicious of any steps taken to avoid tax”, (the political point), they claim it is “notable that the DOTAS regime has been extended to cover inheritance tax with the more general interest and penalties regime”. And the, thirdly, they argue that “the perception that the UK taxation of non-domiciliaries should be more aligned with that of those domiciled in the UK has resulted in the inheritance tax concept of “deemed domicile” being extended to other taxes from April 6th, 2017, and to the reduction of the period for becoming deemed domicile to 15, rather than 17 years out of 20.” Their fourth points look again at policy, saying that “successive governments continue to seek changes to the tax treatment and provision of pensions”. They write that the most recent changes (prior to the general election of 8th June 2017) have “had a particular impact on how death benefits are dealt” with, and the discussion of inheritance tax treatment of pensions “has been extensively revised to reflect this” policy point. An important new contribution, we feel, as pensions policy continue to rise up the inheritance tax ladder. The fifth and final point for the new book covers the introduction of the “residence nil rate band” has, they say, “resulted in some of the most remarkably convoluted legislation ever introduced in relation to inheritance tax”. A bold statement indeed! McCutcheon provides the information to handle even the most complex problems involving inheritance tax, and analyses key cases to show how the courts are interpreting the principles of inheritance tax. What you get here are the following updates: an expanded commentary on the Residence Nil Rate Band, including discussion of the downsizing rules; changes to the rules relating to heritage property; updated and expanded commentary on domicile and deemed domicile; developments in international estate planning; excluded property and the Barclays Wealth case; an updated commentary on inheritance tax and pensions; reservation of benefit – the Buzzoni and Hood cases; penalties for defective inheritance tax returns and the Hutchings case; and finally, inheritance tax, public interest and rights to privacy – the Edwards-Moss case. And the final word counteracts the concept of inheritance tax because “most countries impose some kind of wealth tax, usually in the form of a death duty levied on property inherited or the value of a deceased’s estate on death”, and ours arrived in 1894, compulsory not voluntary as an intensely technical tax. So yes, it seems that nothing really changes except the complexity! Thank you, Barry, on giving us this genuine understanding of how the tax works today: it is the best explanation. The publication date is cited as at 2017.

- 21/04/2017
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