The Fundamentals of Inheritance Tax in UK Tax System

What is Inheritance Tax Course About?

Inheritance tax is a tax on the estate (property, money and possessions) of an individual who has died. It is delivered on the United Kingdom tax system although the principles can be adjusted to suit other relevant tax systems.

What You Will Learn:

This course teaches you the fundamentals of inheritance tax system including:

· Basic guidelines and rules that support taxation systems.

· How to define important terms that would enable an understanding and calculation of inheritance tax for example residence and domicile.

· Understanding of the principles of inheritance tax for example, how to identify different transfers such as chargeable lifetime, exempt and potentially exempt transfers.

· Obtain knowledge of how to handle the different inheritance tax reliefs available for example, annual exemption, annual reliefs, gifts to charities, marriage/civil partnership gifts and etc.

· How and when to apply the nil rate band and residence nil ratee band,

· Understand the tax rates applicable to lifetime transfers and on death estate.

Who is the IHT Course For?

· It is for learners of accounting, aspiring tax practitioners who wants to understand the fundamentals of inheritance tax system in the UK.

What is included in the IHT Course?

It is important to note that each stage of the course delivered in lessons feeds into the next stage therefore understanding lesson 1 is crucial to your grasping of lesson 2 and so forth. The delivery is divided as follows:

· The Course Outline

· Lesson 1: Introduction and Importance Definitions.

· Lesson 2: Stage 1: Lifetime tax paid on Lifetime transfers.

· Lesson 3: Stage 2: Death tax paid on Lifetime transfers made in the seven years before death.

· Lesson 4: Stage 3: Death tax paid on assets owned at death (death estate) & tax planning.

· Lesson 5: More Illustrations.

About Me:

My name is Maureen; I am an educator who has taught a range of accounting and bookkeeping courses, from basic to advanced, at a college in the United Kingdom for several years. I have delivered all the courses in accounting under National Vocational Studies, from Bookkeeping to the Preparation of Financial Statements, Personal, and Business Tax. Inheritance Tax is an aspect of personal taxation; however, it requires more attention, which is why it is delivered singularly. Through the years of lecturing in college, I have supported many students in their journey to become accountants and bookkeepers. This introduction is to assure you that you are being guided by one who has the knowledge and skills to lead you through the course.