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

Published on: 13 January 2022
Published by: LexisPSL
  • Changes to the excepted estate rules for IHT and procedure from January 2022
  • 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
  • More...

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. or take a trial to read the full analysis.

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