LPC Law Notes Private Client Notes
A collection of the best LPC Private Client the director of Oxbridge Notes (an Oxford law graduate) could find after combing through twenty-nine LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Private Client notes available in the UK this year. This collection of notes is fully updated f...
The following is a more accessible plain text extract of the PDF sample above, taken from our Private Client Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
INHERITANCE TAX
1 | Identify the transfer of value.
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2 | Find the value transferred (assets less liabilities) of deceased’s estate, including any PETs and LCTs.
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IHT is potentially chargeable on: | |||||||||
Assets which are owned by the individual | e.g. land, shares, bank accounts, personal chattels and even foreign property ( if you are UK domiciled) | ||||||||
Joint property |
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Life Interests in Will Trusts/Pre-2006 Lifetime Trusts | Where a beneficiary is given an interest in a deceased person’s trust assets for their lifetime (usually the entitlement to receive income and/or live in a property owned by the trust), all assets in the will trust are subject to IHT on the interested beneficiary’s death. | ||||||||
PETs* and LCTs** made within 7 years of death | Property is still subject to IHT if gifted within 7 years of death. BUT there may be taper relief available | ||||||||
Gifts with a Reservation of Benefit | If the transferor retains a benefit from the property which has been gifted, it will be subject to IHT. | ||||||||
Extra Point:
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3 | Apply exemptions and reliefs. | ||||||||
| Gifts to Charity |
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Transfers to Spouses and Civil Partners |
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Lifetime Exemptions | Annual |
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Small Gifts |
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Gifts in Consideration of Marriage |
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Normal Expenditure Out of Income |
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| What It Does/Conditions | Application | |||||||
Business Property Relief |
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Buy the full version of these notes or essay plans and more in our Private Client Notes.
A collection of the best LPC Private Client the director of Oxbridge Notes (an Oxford law graduate) could find after combing through twenty-nine LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of Private Client notes available in the UK this year. This collection of notes is fully updated f...
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