Tag Archive: inheritance tax
Reform of Inheritance Tax System???
Chancellor Philip Hammond wrote to the Office of Tax Simplification in January last year asking it to review inheritance tax. In a report published in November 2018, the OTS recommended the government implement a fully integrated digital system for IHT….
Inheritance Tax & Agriculture: Wine & Apples!!!
A special relief from inheritance tax is afforded to land that is occupied “for the purposes of agriculture”. The term is not exhaustively defined – no doubt the parliamentary draftsman thought that unnecessary and that, like an elephant, you would…
Inheritance tax avoidance investigations rise as HMRC cracks down on estate undervaluations
HM Revenue and Customs is increasingly targeting estates it believes have undervalued residential property to avoid Inheritance Tax bills, according to an accountancy firm. HMRC investigated 5,400 estates for underpayment of inheritance tax (IHT) last year. This is up 5%…
Millennials to secure ‘inheritance boom’! Or Will They???
Millennials will benefit from the biggest “inheritance boom” of any post-war generation, but it will be too late to solve housing issues and wealth inequality, a recent report says. Those who have parents and grandparents in the “baby boomer” generation…
The Future of Inheritance Tax Reliefs
HM Revenue & Customs has published research that was carried out independently on its behalf looking at the awareness of, and use made of, Agricultural and Business Property Relief (APR and BPR) for Inheritance Tax. It seems likely that this…
Livery stable business is entitled to Inheritance Tax Business Property Relief
A livery stable business run by the late Maureen Vigne qualifies for business property relief from inheritance tax, the England and Wales High Court has ruled in Personal Representative of Vigne v HMRC (2017 UKFTT 632 TC). HM Revenue &…
INHERITANCE TAX: More detail from HMRC on residence nil-rate band rules
HM Revenue & Customs has amended its guidance on the rules relating to the additional residence nil-rate band for inheritance tax. The new advice relates to the transfer of a spouse’s unused tax-free threshold; how the residential nil rate band…
INHERITANCE TAX: Low death rate slows down growth in IHT take
Close to 4 per cent of estates are now subject to inheritance tax, compared with 2.5 per cent in 2009-10, according to HMRC’s detailed breakdowns of inheritance tax receipts for the 2016-17 financial year. The previously reported 2016 headline total…
Upper Tribunal confirms sub-lease granted to sons was a Gift With Reservation for Inheritance Tax Purposes
The Upper Tax Tribunal upholds the lower tribunal’s 2016 ruling that a sub-lease, granted by the late Lady Diana Hood to her sons, was a gift with reservation of benefit for the purposes of inheritance tax. The ‘reserved benefits’ were…
Public ‘dangerously ignorant’ of inheritance tax reforms
Half the British public is dangerously ignorant of inheritance tax rules and forthcoming reform, with some completely unaware that they will be subject to the charge when relatives die, lawyers have warned. Research shows that 47 per cent of Britons…