Lifetime, the life assurance arm of Bank of Ireland, has launched a new guide to inheritance tax planning which takes account of the changes introduced to capital acquisitions tax (CAT) in the Budget.

The Budget exempted the family home from CAT in certain cases and increased the tax-free thresholds above which CAT becomes payable.

The new guide covers issues such as how to value assets, probate tax, what happens if you are divorced or separated or if you die intestate, discretionary trust tax and how to make the most of tax planning opportunities.

"A guide such as this helps to increase awareness of the importance of a will and the careful thought that is required when planning the succession of your estate," the Minister for Finance, Mr McCreevy said.