The purpose of this online training course is to enable you to understand the fundamental principles behind the inheritance tax regime and apply your knowledge in order to make basic IHT calculations. The learning outcomes are appropriate for anyone wishing to study this area at entry level/certificate level as well as providing an opportunity for those with more industry experience, to update their knowledge on the subject.

Included is a section describing some of the appropriate protection arrangements that can be applied to cover or reduce any potential liability using life policies as well as an area on the basics of will writing and intestacy.

The material consists of an introductory presentation, study notes inter-dispersed with several examples and revision assessments to help confirm your understanding. In addition you will have the opportunity to complete an inheritance tax based case study incorporating 15 multiple-choice questions (this can taken a total of 3 times) and a final assessment that can be taken once consisting of a ten question assessments based on the study material, your results and any incorrect answers will be emailed to you. If you don’t pass or just want to take a second test an additional ten question assessment can be taken.

After you complete the final assessment you CPD hours and results will be added to your CPD certificate which can be viewed and printed from the CPD certificate link on the menu.



The syllabus learning outcomes are:

1. To understand the liability to IHT – rates and cumulation principle, which individuals are subject to IHT, lifetime transfers and transfers on death
2. To understand the types of transfer – exempt, potentially exempt and chargeable transfers
3. To understand the main IHT reliefs and circumstances in which they apply
4. To have an outline knowledge of gifts with reservation and Pre-Owned Assets Tax (POAT)
5. To understand the principles surrounding valuation rules for IHT purposes – including related property, life policies and grossing up
6. To understand basic computations of inheritance tax and who pays any liabilities that arise
7. To be able to apply solutions to basic inheritance tax scenarios - using suitable financial services protection products.

FINAL REVISION TEST
This 55 question final revision test uses the section revision questions and can be taken a maximum of 3 times. If you pass this test you should be ready to take the case study and final exams.

CASE STUDY
Case study with 15 related multiple-choice questions including explanations of answers. This case study can be taken a maximum of 3 times.

EXAM
Complete this 10 question multi-choice exam to evidence your IHT knowledge. This exam can be taken once and the results will be emailed to you along with the question and answer text of all incorrectly answered questions. Your CPD study time will be allocated on completion of this assessment.

SECOND EXAM
Complete this second 10 question multi-choice exam to evidence your IHT knowledge if you fail the first exam or require further exam practice. This exam can be taken once and the results will be emailed to you along with the question and answer text of all incorrectly answered questions. Your CPD study time will be allocated on completion of this assessment.

CPD
On completion of all the above a total of 5 hours CPD will be earned. This time and your results will be recorded on your CPD certificate that can be viewed and printed at any time.

COURSE CONTENTS
Section 1
The liability to IHT
Cumulative nature of inheritance tax
Who is chargeable?
Domicile
Deemed domicile

Section 2
Types of transfer
Lifetime transfers
Exempt transfers
Potentially exempt transfers
PETs and chargeable transfers
Chargeable lifetime transfers
Gifts with reservation
Transfers on death

Section 3
Exemptions and reliefs
Exemptions
Inter-spousal exemption
Annual exemption
Small gifts exemption
Normal expenditure out of income exemption
Wedding gifts
Gifts to charities & other bodies
Reversionary interests
Dispositions which are not transfers of value
Dispositions not intended to confer gratuitous benefit
Gifts for maintenance of the family
Reliefs
Quick succession relief
Business property relief
Agricultural property relief
Woodlands relief

Section 4
Gifts with reservation and Pre Owned Assets Tax
Gifts with reservation
Introduction
Exceptions
Life assurance policies and gifts with reservation
Pre owned assets tax (POAT)

Section 5
Valuation
Grossing up
General rules
Related property
Life insurance policies
Liabilities

Section 6
Calculating the amount of tax payable
Rates
Taper relief
Computation of tax
Transfers within seven years of death

Section 7
Liability to pay tax
Persons liable
Lifetime transfers
Transfers under a settlement
Death estate
Payment of tax
Interest on overdue tax

Section 8
IHT Protection solutions
Protection solutions to reduce burden of inheritance tax on lifetime gifts
Insuring lifetime gifts
Protecting the residual estate following the lifetime gift
Regular gifting using life policies
Back to back plans
Protection solutions to reduce burden of inheritance tax on residual estate on death

Section 9
Wills and intestacy
Wills
Introduction
Procedure on death
Revocation of wills
Mirror and Mutual wills
Use of wills with estate and tax planning
Intestacy
Introduction
Laws of intestacy in England and Wales
Laws of intestacy in Scotland

Section 10
Use of trusts and other inheritance tax mitigation plans
Use of trusts
The family home and other jointly held property