Book Review: Tolley’s Taxwise 2021-22 Part II by Donald Pearce-Crump
This hardy perennial provides practitioners with practical examples of how tax law works. Its purpose is to keep tax practitioners up to date with changing legislation in relation to inheritance tax (IHT) and trusts. It does this by providing worked examples. It is a whole book of worked examples and commentary on them. The companion volume is Part I and contains a similar approach to Income Tax and National Insurance, Corporation Tax, Capital Gains Tax, Stamp Duty and VAT.
This is not a traditional book of commentary or analysis but rather it is designed as a training aid and practice manual for how to approach computations and apply tax law to a wide range of situations. Each example is supplemented with explanatory notes which explain the law and practice relating to the points illustrated by the example.
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Structure & Layout
- The book has seven parts to it:
- IHT generally from a personal and estate perspective
- IHT from a personal and estate perspective with respect to specific topics such as gifts with reservation of benefit and double charges regulations
- IHT and settled property
- Capital Gains Tax for trustees and personal representatives
- Income tax and estates
- Income tax and trusts
Within each section, there is a range of examples. Take section C on IHT and settled property. There are 19 worked examples ranging from Will trusts to Excluded property and IHT computations for settled property.
Each section of the book contains a series of questions which are then answered. Take for example the very first question in the book:
- Outline the basic principles of inheritance tax
- ‘Disposition’ ‘transfer of value’, ‘chargeable transfer’ ‘potentially exempt transfer’ and ‘relevant property’ are primary terms which need to be considered when determining whether an inheritance tax liability arises on a transaction. Explain the meaning of each term, demonstrating how the terms are linked together.
Outline the exemptions from inheritance tax
- The Answer to the question contains a narrative explanation of the above with reference to legislation and court cases.
In other questions, there will be a case scenario where a tax position needs to be computed and then the computation is provided along with explanatory notes on the law.
The whole basis of the book is to provide computational examples by way of a tool to show the way to approach computations and lay them out in an accepted way. It also provides letters to clients explaining points of law and attendance notes.
Clarity & readability
This is not a book you read from cover to cover but rather a text you dip into when you seek clarity on an issue. The index is reasonable and the way each example is approached enables the reader to find the point they are looking for without much trouble. It has an innate logic to it.
Relevance to practitioners
This book should be on every trust and estate tax practitioner’s bookshelf. It is useful for trainees, but it is also useful to established practitioners, particularly as it is an annual publication, so it keeps you up to date.
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