Inheritance Tax Planning Checklist

Assets

• ☐ Main residence (current market value)
• ☐ Second homes and buy-to-let properties
• ☐ Bank accounts and savings
• ☐ Investments (stocks, bonds, funds)
• ☐ Business interests and shares
• ☐ Pension funds
• ☐ Life insurance policies
• ☐ Personal possessions over £500
• ☐ Vehicles
• ☐ Foreign assets

Liabilities

• ☐ Mortgages
• ☐ Loans and credit cards
• ☐ Other debts

Allowances

• ☐ Current nil-rate band available (£325,000)
• ☐ Transferable nil-rate band from deceased spouse
• ☐ Residence nil-rate band eligibility (£175,000)
• ☐ RNRB taper (if estate over £2 million)

Exemptions and Reliefs

• ☐ Spouse/civil partner exemption
• ☐ Charity exemption
• ☐ Business property relief eligibility
• ☐ Agricultural property relief
• ☐ Annual gift exemption (£3,000)
• ☐ Small gifts exemption (£250)
• ☐ Wedding/civil partnership gifts

Gifting

• ☐ Review annual gifting strategy
• ☐ Consider larger gifts (7-year rule)
• ☐ Document all gifts made
• ☐ Review gift timing for taper relief

Trusts and Structures

• ☐ Consider life insurance in trust
• ☐ Review existing trusts
• ☐ Pension beneficiary nominations
• ☐ Property ownership structure

Will and Estate Documents

• ☐ Will up to date
• ☐ Will optimizes spouse exemption
• ☐ Will includes RNRB planning
• ☐ Executors appointed and informed
• ☐ Lasting Power of Attorney in place

• ☐ Solicitor for will and estate planning
• ☐ Financial advisor for investments and pensions
• ☐ Tax specialist if complex estate
• ☐ Estate valuer for property
• ☐ Regular review schedule (every 2-3 years)

Immediate Actions

• ☐ Calculate current IHT liability
• ☐ Review and update will
• ☐ Ensure life insurance is in trust
• ☐ Update pension beneficiaries

Regular Reviews

• ☐ Annual gift planning
• ☐ Monitor estate value changes
• ☐ Track legislative changes
• ☐ Review planning effectiveness