Inheritance Tax

Task outline:

See separate case study relating to the Dawson Park Estate family and assets.

⦁ Assess what Susan Collins’ objectives may currently be for the estate, and how they will differ from her father’s objectives, set out when he last took advice in 2010.

⦁ Provide Inheritance Tax calculations for Susan Collins, Peter Dawson and Jill Dawson on the assumption that they die today (and that there is no spousal transfer/relief), and identifying what reliefs may be available (with explanatory notes).

⦁ Identify the key Inheritance Tax issues (if any) for Susan Collins, Peter Dawson and Jill Dawson and suggest:

(i) Actions that could be taken to mitigate the impact of Inheritance Tax on the estate

(ii) Any drawbacks to those actions (tax or otherwise)

⦁ Advise on, and explain, the Capital Gains Tax position in the event that land at Vale Farm is sold for development, and suggest how any CGT liability can be minimized.

⦁ Identify and comment on other key (not Inheritance or Capital Gains Tax) issues (prioritizing a maximum of four) you consider need to be addressed by Susan Collins.

⦁ Suggest what further information you require in order to further advise Susan Collins.