IHT

Question 1

NRB & RNRB

Answer 1

NRB
325k
Interspousal exemption
Use the %of ununsed allowance

RNRB
£150k each
Lower of the unemcumbered house v RNRB i’e Simon using £250k as that’s house after mortgage (525-275) which is Lower then 300k RNRB

Question 2

LPA

Answer 2

-Prescribed form
Signed by donor 18, attorney 18 (only use powers once mental
-Capacity lost) certified provider
-Statement confirming donor doing of own free will and understands effect of lpa
-Registered at OPG
-Allows forward planning to know who can care for you when you have lost capacity
-Otherwise COP take control and no say in who looks after affairs, decisions, assets cannot be touched until deputy appointed, more stringient supervision and annual fee
-Not valid if made once lost capacity —
Health and welfare -donor can plan is advance how wish to be looked after
Financial and property affairs -pay bills collect benefits etc.

Question 3

Mitigate

Answer 3

Gifts into deed variation clt below
Annual exemption x 4 joint policy pet 
Regular gifts 
Assign bond kids 
Premium bond into isa kids and assign kids bond 
Dis spousal by pass
Living expenses