HMRC’s consultation document ‘A new incentive for charitable legacies’ has been amended to correct an error in example 7 on page 20.
HMRC are seeking views on a proposal to apply a reduced rate of inheritance tax to estates that include charitable legacies of at least 10% of the value of the net estate.
For deaths on or after 6 April 2012, such estates will pay IHT at 36% instead of the main rate of 40%.
HMRC have published a reminder that the disclosure regime for avoidance schemes is extended with effect from 6 April to require the disclosure of inheritance tax arrangements that seek to avoid IHT charges associated with transfers of property into trust.
The Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations, SI 2011/214, amend the excepted estates regulations, which set out the circumstances in which a person is not required to deliver an inheritance tax account to HMRC of the property comprised in the estate of a
The Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations, SI 2011/170, extend the disclosure of tax avoidance schemes regime (DOTAS) to inheritance tax by describing certain IHT arrangements involving transfers of property into trust which must be notified to HM
John Cassidy on the clarifications to the LDF
Andrew Lines looks at capital taxes from the shareholders' perspective when selling a company
HMRC has admitted that guidance setting out when it will consider a person’s domicile, and decide whether to make a determination of inheritance tax based on that domicile, has not been working well for HMRC or taxpayers.
Inheritance tax: business property relief