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Inheritance Tax Mitigation

Using the Lifetime Exemptions

1 May 1996


Using the Lifetime Exemptions.

Matthew Hutton MA (OXON), FTII, AIIT,TEP

Many elderly people are forming a view on the possibility of a change of Government. Having perhaps considered from time to time the need to make gifts in order to save "death duties" there is a new urgency to make full use of the existing tax regime lest, following the next Gen-eral Election, rapid steps are taken by a new Government to cut down the pre-sent opportunities for tax-efficient life-time giving. Advisers therefore need to be fully conversant with the range of exemptions which, for the time being at least, may be relied on.

Incidentally, the available reliefs and exemptions from Inheritance Tax fall into three categories: first, the five exemptions available to inter vivos gifts alone; second, the largest category com-prising those available both inter vivos and on death; and third, the two reliefs applicable only to transfers on death. While this art...

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