Inheritance tax

Inheritance tax guidance:

It is natural that spouses may want to make gifts to each other since it is fairly typical for couples to share their property. The term ‘spouses’ is used in this...

Practice Note

This Practice Note describes the rules on the disclosure of tax avoidance schemes (DOTAS) applying to inheritance tax (IHT). The procedural aspects of the rules,...

Practice Note

FORTHCOMING CHANGE: As originally announced at Budget 2018, the government ran a consultation between 1 April and 1 June 2019 on proposals to curtail capital gains tax...

Practice Note

Overview of the UK taxation treatment of furnished holiday lettings (FHLs) in the UK and the European Economic Area (EEA) This note covers the UK tax regime that applies...

Practice Note

Introduction The core legislation found in the Inheritance Tax Act 1984 (IHTA 1984) and the former capital transfer tax regime contained an oversight. There was nothing...

Practice Note

When looking at the definition of chargeable transfers and transfers of value in the Inheritance Tax Act 1984 (IHTA 1984), it is perhaps not immediately apparent that...

Practice Note

FORTHCOMING CHANGE: Following the Inheritance Tax Review Call for evidence and Survey, which ran from 27 April 2018 and 8 June 2018, the Office of Tax Simplification...

Practice Note

FORTHCOMING CHANGE: Following the Inheritance Tax Review Call for evidence and Survey, which ran from 27 April and 8 June 2018, the Office of Tax Simplification (OTS)...

Practice Note

FORTHCOMING CHANGE: Following the Inheritance Tax Review Call for evidence and Survey, which ran from 27 April and 8 June 2018, the Office of Tax Simplification (OTS)...

Practice Note

Agricultural property relief (APR) was provided for from the outset when capital transfer tax was introduced by the Finance Act 1975. The nature of the relief has changed...

Practice Note

Based on a Practice Note originally produced by Tolley and Milestone International Tax Partners LLP and now updated by LexisPSL. FORTHCOMING CHANGE: As announced at...

Practice Note

Business property relief (BPR) is an important relief for inheritance tax (IHT) purposes. The relief applies both to individuals and to trusts that hold qualifying...

Practice Note

FORTHCOMING CHANGE: As announced at Budget 2018, draft legislation to be included in Finance Bill 2019–20 was published on 11 July 2019 and includes a measure to provide...

Practice Note

History of the gift with reservation (GWR) regime The old capital transfer tax regime contained no rules concerning the reservation by a transferor of any benefit out of...

Practice Note

Produced in partnership with Lucy Edwards of Penningtons Manches LLP and now maintained by Lexis®PSL Nil rate band (NRB) and transferable nil rate band (TNRB) Each...

Practice Note

FORTHCOMING CHANGE: Following the Inheritance Tax Review Call for evidence and Survey, which ran from 27 April and 8 June 2018, the Office of Tax Simplification (OTS)...

Practice Note

Quick succession relief (QSR), which is not to be confused with taper relief, applies to a transfer of value which attracts a second inheritance tax (IHT) charge within a...

Practice Note

STOP PRESS: This Practice Note is being reviewed in light of the Supreme Court decision in Routier v HMRC, in which it was held that HMRC was not entitled to restrict the...

Practice Note

This Practice Note introduces the residence nil rate band (RNRB), which is also known as the additional threshold, residential nil rate band or residential property nil...

Practice Note

This Practice Note aims to guide practitioners to Q&As and worked examples of the principles under which the inheritance tax (IHT) residence nil rate band (RNRB) (also...

Practice Note

The charge on death The Inheritance Tax Act 1984 (IHTA 1984) sets out how a charge to inheritance tax (IHT) may arise when an individual dies. When a person dies, they...

Practice Note

A discretionary trust is a very flexible form of trust. In these trusts, the trustees have the discretion to determine when, how and to whom distributions of capital and...

Practice Note

The need to value the estate When an individual dies they are considered to have made a 'transfer of value' equal to the value of their estate immediately before death....

Practice Note

Woodlands may attract one of three different types of relief from inheritance tax (IHT) depending on the nature of the land and timber operations: • agricultural property...

Practice Note

The pre-owned asset tax (POAT) is an inheritance tax (IHT) anti-avoidance measure, introduced by Schedule 15 to the Finance Act 2004 (FA 2004), and implemented with the...

Practice Note

FORTHCOMING CHANGE: Following the Inheritance Tax Review Call for evidence and Survey, which ran from 27 April and 8 June 2018, the Office of Tax Simplification (OTS)...

Practice Note

This Practice Note sets out the key UK tax rates, thresholds and allowances most relevant to Private Client practitioners. It is intended as a quick reference guide...

Practice Note

While interest often accrues on overdue tax (see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid tax), the late payment of...

Practice Note

FORTHCOMING CHANGE: The fifth anti-money laundering directive (5MLD) was published in the EU Official Journal on 19 June 2018 and came into force on 9 July 2018. The...

Practice Note
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