Private & Confidential
Date completed:
INHERITANCE TAX PLANNING
QUESTIONNAIRE FOR
[INSERT NAME]
Carl Islam Barrister TEP
Averose Chancery Chambers
Tel: +44 (0) 116 271 8464
Mob: 0795 812 1530
carl@ihtbar.com
www.ihtbar.com
1
INHERITANCE TAX PLANNING QUESTIONNAIRE
PRIVATE AND CONFIDENTIAL
Throughout the questionnaire ‘Spouse’ includes a ‘civil partner’. If you are not married
please disregard the questions that request information about a spouse.
CONTENTS:
1.
You.
2.
Your spouse family and dependants.
3.
Other relevant information:
3.1
your children grandchildren & dependants;
3.2
your professional advisors;
3.3
your documents & records;
3.4
income available to pay your normal annual expenditure;
3.5
any foreign will and power of attorney;
3.6
any promise;
3.7
potential Inheritance Act claims; and
3.8
any gifts made by a deceased former spouse.
4.
Your assets & estimated values.
5.
Your liabilities.
6.
Your annual income.
7.
Your annual expenditure.
8.
Your will.
9.
Lifetime gifts.
10.
Trusts.
11.
Documents to assemble and bring along with you to our first meeting.
2
1. YOU
1.1
Please state your full name:
1.1
as it appears on your birth certificate:
and;
1.2
2.
as it appears on your passport:
1.2
Home, work, and mobile telephone numbers:
1.3
Email address:
1.4
Occupation:
1.5
Marital status:
1.6
Permanent address:
1.7
The address of anywhere else you live or have lived in the last two years:
1.8
Date of birth:
1.9
Country of birth:
1.10
Full names, dates and country of birth, of your Father and Mother:
YOUR SPOUSE FAMILY & DEPENDANTS
SPOUSE
Name:
Date & place of Domicile:
birth:
Other information:
Date & place of Marriage status:
birth:
Address, contact details, and other
information (including domicile):
CHILDREN
Name:
GRANDCHILDREN
3
Name:
Date & place of Marriage status:
birth:
Address, contact details, and other
information (including domicile):
Date & place of Marriage status:
birth:
Address, contact details, and other
information (including domicile):
Date & place of Marriage status:
birth:
Address, contact details, and other
information (including any maintenance
payments):
DEPENDANTS
Name:
FORMER SPOUSES
Name:
3. OTHER RELEVANT INFORMATION
Please read the ‘Planning Notes’ at www.ihtbar.com and provide your answers to the following
questions (together with additional information in reply to any other question) on a continuation
sheet headed ‘Supplementary Information.’
3.1
Your children grandchildren and dependants
Please provide information about:





3.2
whether any children and grandchildren are expected to be born in the next 12
months;
whether any children grandchildren and dependants are likely to marry in the next
two years;
any children and grandchildren who already own substantial assets or are likely to
inherit other than from you;
your views about the age at which your children grandchildren and dependants
(under the age of 18) should become entitled to income and capital; and
the domicile of your children grandchildren and dependants.
Your professional advisors
Please provide the full names, addresses, and contact details, of your:
4
3.2.1
Financial advisor:
3.2.2
Accountants:
3.2.3
Chartered tax advisor:
3.2.4
Solicitors:
3.2.5
Any foreign lawyers and other wealth planning advisors:
3.2.6
Bankers:
3.2.7
Stockbrokers/investment managers:
3.2.8
Insurance brokers:
3.2.9
Land agents/surveyors:
3.2.10 Lloyd’s underwriting agents (i.e. if a member of Lloyd’s):
3.3
Your documents & records
Please confirm whether you have discussed with your accountants and solicitors, the
assembly filing and review of any important documents and records required for
probate by:
(i)
your executor; and
(ii)
the personal representatives of your surviving spouse on her death (please read
the Planning Note about ‘Transferable NRB’s).
These documents and records may include:


documents that evidence your domicile;
relevant tax and accounting records (going as far back as your accountants
require), including details of any:
(i)
IHT exempt transfers, particularly under s.21 Inheritance Tax Act
1984 [‘IHTA 1984’] (normal expenditure out of income); and
(ii)
other lifetime chargeable transfers (including potentially exempt
transfers);

current statements about bank and building society deposits;
5

property ownership information and registration documentation, i.e. HM Land
Registry office copies for any registered land (including any registered lease)
in England;

documentation for any personal debt or long term liability owed by you, e.g.
any outstanding mortgage or personal loan;

documentation for any debt owed to you, e.g. any loan made by you (including
the amount of your director’s loan account in any privately owned company);

documentation about any capital account balance in a partnership;

asset insurance policies;

life-insurance policies;

documentation about any death in-service benefit, and sums payable under
retirement, annuity, and pension policies (including any ancillary trust
documentation);

share certificates;

investment bonds and certificates;

a family constitution;

a shareholders’ agreement;

a share option agreement;

a partnership agreement;

a family settlement (i.e. the deed), and ancillary documents;

a foundation charter (and constitutional documents for any other foreign legal
entity);
3.4

a will (including a foreign will);

a letter of wishes;

a codicil;

a power of attorney (including a foreign power of attorney); and

any documents that are relevant to the making of an application by your
executor under s.8A IHTA 1984 following your death (see 3.8 below).
Income available to pay your normal annual expenditure
Please confirm whether you:
6




3.5
need to draw on capital in order to supplement income required to pay your
normal annual expenditure (including the extent of drawings each year on average
over the last two years);
consider that you have ‘spare’ after-tax income and, if so, how much;
anticipate any significant increase or decrease in income or expenditure over the
next two years, and provide details; and
anticipate making any exceptional capital expenditure over the next two years.
Any foreign will and power of attorney
Please confirm whether you have made and registered any foreign will and power of
attorney, provide full details, and a copy.
3.6
Any promise
Please provide full details of any statement made by you to any person about anything you
said you would leave to them on your death, to whom it was said, when, and in what context.
Please also confirm whether the statement has been withdrawn or repeated, and provide any
relevant correspondence and documentation.
3.7
Potential Inheritance Act claims
Please read the Planning Note about ‘Inheritance Act claims’ and provide the names and
contact details of any potential claimant other than your spouse. Please also provide full
details of what (if any) reasonable provision has been made or is planned to be made for any
potential claimant (including your spouse).
3.8
Any gifts made by a deceased former spouse
Please provide full details of any gift made to you (and to anybody else) by any deceased
former spouse both: (i) during the last seven years of his/her life and (ii) under their will.
This information is relevant to the calculation of the amount of the ‘transferable nil rate
band’ (‘NRB’) that can be claimed by your executor under s.8A IHTA 1984 following your
death. Before answering please discuss this question with any professional advisors who
have access to relevant records and can provide full accounting information and
documentation. Relevant documents include a copy of:





your former’s spouse’s will;
any codicil;
any form and accounts submitted to HMRC by the executor following his/her death;
any subsequent correspondence with HMRC and documents issued by them; and
the grant of probate.
7
Please read the Planning Note about ‘Transferable NRB’s.’
4. YOUR ASSETS & ESTIMATED VALUES
DESCRIPTION
VALUE (in your name or your share if in jointnames)
Family home
Any other property owned by you and
used by you /your family (including
any foreign property e.g. a holiday
home)
Any other residential and commercial
land and property owned by you
(anywhere in the world)
Any interest in any family owned:
(a) company:
(b) partnership:
(c) unincorporated association:
(d) investment trust:
(e) foundation (or other foreign legal
entity):
Any other
property
business
assets
and
Any share options
Any farming and agricultural
property
(a) Land (and acreage):
(b) Buildings:
Any woodlands
(a) Land:
(b) Growing timber:
8
Any chattels
(a) Jewellery and other personal effects:
(b) Works of art and antiques:
(c) Furniture and other household
items:
(d) Cars/boats/yachts/aircraft etc:
Any cash deposit in a building society
or bank account
Any investments
(a) quoted on a listed exchange:
(b) unquoted stocks and shares:
(c) instant savings account; tax-exempt
savings account; and personal equity
plan:
Any treasury bonds
Any national savings
Any unit trusts
Any life and permanent health
policies
Any occupational Pension Schemes
Any personal pensions
Any other assets in England
Any other foreign assets (e.g. a bank
account)
Any other assets
TOTAL:
£
5. YOUR LIABILITIES
9
DESCRIPTION
AMOUNT
Mortgage
Bank overdraft
Bank loan account
Other loans actual or prospective
Taxation
Guarantees and other long term
liabilities
TOTAL:
£
6. YOUR ANNUAL INCOME
DESCRIPTION
AMOUNT
(BEFORE TAX)
AMOUNT
AFTER TAX
Earned income
Salary:
Director’s fees:
Bonus/commission:
Fringe benefits (with taxable value where known):
Profits of any trade, business, or profession:
Pension
State:
Former Employer:
Other:
Unearned income
Equities (including any unit trust):
10
Fixed interest (other than on bank and building
society deposits):
Annuity and bond income:
Taxable:
Non-taxable:
Interest earned on cash deposited in a bank or
building society account:
National savings:
Income from property (after expenses):
Dividends:
Trusts resident in England:
Non-resident trusts (before/after foreign tax):
Other:
TOTAL:
£
£
7. YOUR ANNUAL EXPENDITURE
DESCRIPTION
AMOUNT PAID BY YOU IN THE
LAST 12 MONTHS
Mortgage(s)
Total mortgage interest (gross):
Other long term liabilities
Bank or other interest
(a) Overdraft:
(b) Loan account:
11
Premiums on life policies
Regular annual expenditure
available annual income)
(paid
out
of
1. Gifts (i.e. to your spouse other family members
dependants and anybody else):
2. Household bills expenses & maintenance costs:
3. Other expenses bills and costs (including any
of your spouse other family members
and dependants paid for by you):
4. Maintenance and rent of cars and luxury assets:
5. Holidays:
6. Professional and business expenses paid for by
you:
Other recurrent annual expenses
For example school and university fees, payments to
a former spouse, covenants, and pension
contributions:
TOTAL:
£
8. YOUR WILL
If you have a will in England please provide a copy. If you are planning or revising your will
please provide any relevant information in the applicable boxes below (and on a continuation
sheet).
Your choice of executors and trustees (please read the Planning Notes)
Your choice of guardians for your children under 18 (and in the context of any offshore planning your
choice of any protector)
Any gifts you are making (‘Legacies’ and ‘devises’) - please read the Planning Notes
The recipient of each gift (please read the Planning Notes)
Any substitutionary gifts (please read the Planning Notes)
The scheme of distribution for the remainder of your estate (your ‘residuary estate’)
12
The residuary beneficiaries (primary; secondary; and ultimate default, and their interests & shares) - please
read the Planning Notes
Any directions about funeral arrangements (please read the Planning Notes)
Other terms (Please read the ‘Will Check-List’ available to view at www.worldwidewealthplanning.com)
Any letter of wishes
Any living will
Any lasting power of attorney
9. LIFETIME GIFTS
Gifts
(a)
Date of gift:
(b)
Recipient:
(c)
Gift and value:
(d)
Tax paid / nil-rate band used:
Hold-over relief
If you have made or received any gift with ‘hold-over’ relief for Capital Gains Tax, please provide
the following information:

date of gift:

subject of gift:

recipient:

amount held-over:
10. TRUSTS
13
If you are an actual or potential beneficiary under any will or trust (including a lifetime
settlement and an offshore trust) please provide the following information:






date of deed:
settlor:
trustees:
nature of your interest:
annual income:
other beneficiaries and the nature of their interests:
If you are a trustee of any trust (including a lifetime settlement and an offshore trust) please
provide the following information:




date of deed:
settlor:
other trustees:
beneficiaries and the nature of their interests:
11. DOCUMENTS TO ASSEMBLE AND BRING WITH YOU
Please assemble and bring along the following documents to our first meeting:

a current passport or driving licence;

a utility bill that is less than six months old that shows your name and address;

a copy of your birth certificate;

a copy of any records documents and correspondence relating to: (i) the source of
your wealth; and (ii) money laundering compliance provided to your
accountants and solicitors in the last two years. If necessary please ask your
accountants and solicitors to send us a copy by first class post. The address for
postage is on the front of the questionnaire. Please note that we cannot provide
any legal advice until you have provided us with the information we require in
order to comply with the mandatory money laundering compliance rules;

a brief list in chronological order of the countries you have lived in since birth.
This is relevant in determining your domicile (even though you may have been
born in England, and have lived here for more than 17 years). Please read the
Planning Note about ‘Domicile’ to consider whether this may apply to you;

a copy of any draft or executed will, codicil, and power of attorney (English
and foreign);
14

copies of any asset ownership and property registration documentation,
including HM Land Registry office copies for any registered land / lease in
England - which the solicitors who conveyed the property should be able to obtain
from HM Land Registry (within 48 hours of ordering them over the telephone);
and

a copy of any other relevant document in your possession listed in the
questionnaire. If any document is in the possession of your accountants and
solicitors, please ask them to send a copy to us by first class post.
© Carl Islam 2014
15