Inheritance Tax - Fundamentals

Below is a selection of our most recent updates on this subject.

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Business Property Relief And Furnished Holiday Lets

Furnished Holiday Lets qualify for BPR
Thursday, February 09, 2012

Inheritance Tax Exemptions

As part of their update to the Inheritance Tax Manual in IHTM 14250, HM Revenue and Customs has confirmed that they will treat withdrawals (ie. part-surrenders) from single premium bonds as capital for the purposes of the normal expenditure out of income exemption.
Thursday, October 20, 2011

IHT Receipts Down

Reduced receipts should not be a signal to forget planning
Tuesday, August 30, 2011

Excepted Estates

Draft amendment to the Inheritance Tax Excepted Estate Regulations to (a) remove two conditions that are no longer relevant (b) to correct an error.
Wednesday, August 24, 2011

Apr Allowed On A Farmhouse Despite HMRC'S Objections

In Golding v HMRC (2011) the First-tier Tribunal (Tax) has given an important decision on the eligibility of farmhouses for Agricultural Property Relief (APR).
Monday, July 11, 2011

Discounted Values Under Discounted Gift Trusts

The recent decision in the sex equality case of Test-Achats raises questions as to whether the current method of valuing the income rights under Discounted Gift Trusts needs to be revised. HM Revenue and Customs has now made a statement on this.
Friday, June 17, 2011

Excepted Estates

Amendments to the Regulations: Extension to include the transferable nil rate band: Inclusion of certain transfers which are claimed to be exempt under the normal expenditure exemption: Rectification of an error in the Regulations.
Monday, February 21, 2011

Suggested Tiered Rates Of IHT

The Institute for Public Policy Research has suggested a return to tiered rates of IHT to increase tax revenues
Thursday, January 06, 2011

Requirement To Register To Pay IHT

Those liable to pay IHT will be first required to apply for a reference number.
Tuesday, November 23, 2010

Transferable Nil Rate Band And The IHT400

It has been reported that where an estate is entitled to claim a transfer of a deceased former spouse a full IHT400 may no longer be required.
Tuesday, September 21, 2010

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