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Changes to the excepted estate rules for IHT and procedure from January 2022

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Published on: 13 January 2022

Published by a LexisNexis Private Client expert

Table of contents

What is the background to these changes?
The new rules for an estate to qualify as an excepted estate—for deaths on or after 1 January 2022
Estates below the IHT threshold include any part TNRB
Exempt estates: the £1m limit increased to £3m
Extensions on two limits within an exempt estate:
Foreign property and non-domiciles
The probate process changes for deaths from 1 January 2022
Valuations and CGT
Discharge of the PRs
Concluding practice point:

Article summary

Private Client analysis: The new process for reporting the gross and net value of an estate, for inheritance tax (IHT) purposes, is effective for deaths from 1 January 2022, with a new probate practice taking effect on 12 January 2022. John D. Bunker, Consultant Solicitor and Chartered Tax Adviser, and Thomas Pape, Associate Paralegal, of Irwin Mitchell LLP explore these changes to the ‘Excepted estates’ rules and what they mean for probate practice.

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