Recessions - or periods where the economy gets smaller, rather than larger - are generally characterised by job losses, firms going bust and falling house prices. To avoid these tax charges we incorporated sub-fund trusts in the husband’s will, so that on the husband’s death the assets would pass into a single trust with two sub-funds but a single trustee legal owner. A discretionary sub-fund would hold the shares (no IHT), and a life-interest sub-fund in favour of the wife would hold the other assets. The wife would be entitled to the income from these other assets (and the right to occupy residential property within the sub-fund) and so these other assets would also be free of IHT (spouse exemption). The overall result is that there will be no IHT on the husband’s death. Additionally we made sure that the trustee has the power to swap assets between the sub-funds, which will be possible without triggering CGT or stamp duty. Provided the wife survives for 2 years the shares will requalify for BPR. The trustee will have discretion to distribute assets from both sub-funds to the wife if required, and her occupation of any home within the discretionary trust would allow the property to qualify for capital gains tax principal private residence relief. Double dip (roller coaster element), a downward portion of a "hill" which is divided into two separate drops Review your investment portfolio to better weather any potential double-dip recessions or market downturns.

Recoveries can be slow and gradual—graphically, they look like a "U." But recoveries can also be rapid, in which case they look more like a "V." Double-dip recessions are recoveries that look like a "W." The return to pre-recession economic activity is interrupted, leading to a decline and then eventually a new recovery. Examples of Double-Dip RecessionsWe expect the economy to benefit progressively through 2021 from the rollout of the vaccine," Archer added. Philip Shaw of the City bank Investec said: “It would take a monthly drop in GDP of 1.0% or more in December to cause a contraction in the fourth quarter. The much awaited double-dip recession may not happen and our inclination right now is that it will not.” The Residuary Fund will hold the remaining assets which do not attract BPR and will be held upon trust for the surviving spouse. Sunak said it was clear that “things will get harder before they get better” and that the latest official figures underscored the challenge facing the country. The National Bureau of Economic Research. " Business Cycle Dating Procedure: Frequently Asked Questions."

The idea behind that is to make borrowing cheaper and saving less worthwhile - so firms and the population get spending again to help the economy recover. Simon French, chief economist at Panmure Gordon, the investment bank, added: "A double-dip UK recession in the first quarter of 2021 is now more likely than not on the assumption that Christmas mixing and the more transmittable [Covid-19] mutation require new year restrictions for longer."

If you would like any further advice on double dipping wills, tax and estate planning, please speak to Helen Freely, Partner in the Private Client Department on 020 7638 9271 Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our

Anything left to the surviving spouse will not attract IHT because of the 100% spousal exemption. The Residuary Fund will be classified as an interest in possession for the surviving spouse which is exempt for IHT purposes. If you’ve seen that classic episode of Seinfeld, “The Implant,” where George Costanza double-dips a chip at a wake, maybe you’ve wondered if double-dipping is really like “putting your whole mouth right in the dip!” However, the November drop in GDP was not as bad as feared, after economists polled by Reuters had predicted a 5.7% fall, which could mean Britain ultimately avoids the first double-dip recession since the 1970s. That means if it falls again in an effort to boost the economy, you could end up having to pay to hold a savings or current account. If a will is correctly structured families can take full advantage of BPR with a considerable IHT saving. Conversely, if a will is structured incorrectly this can lead to a hefty IHT bill.Maybe you’re the sort who dips their chip only once. Maybe you look around the room before loading your half-eaten chip with a bit more dip, hoping that no one will notice.