Estates—inheritance tax

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Estates—inheritance tax guidance:

The calculation and apportionment of inheritance tax (IHT) due on death can be complex, especially taking account of trust interests, chargeable lifetime transfers, the...

Practice Note

This Practice Note is based on material originally produced by Tolley This Practice Note outlines how to calculate the amount of inheritance tax (IHT) that arises on an...

Practice Note

This Practice Note considers compliance and accountability to inheritance tax (IHT) on an individual's estate on death, including: • accountability—the personal...

Practice Note

Sources of funds Make arrangements for funding inheritance tax (IHT) early so that funds are available as soon as the grant is ready to be lodged. Possible sources are: •...

Practice Note

The transfer of value on death is one transfer affecting the whole estate. Where there are no contrary provisions in the deceased’s Will, the general principle is that...

Practice Note

The inheritance tax (IHT) may be calculated: • on page 11 of IHT400, if appropriate or • by following the working sheet on 'IHT400 Calculation' IHT is initially paid in...

Practice Note

If the estate is not an excepted estate, the following should be completed: • form IHT400 • supplementary schedules IHT401–IHT420, IHT435 and IHT436 where appropriate •...

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: 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

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

There are various immediate steps that the family members, personal representatives (PRs) and their advisers will need to take following an individual's death, such as...

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

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

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

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

Precatory trusts Where a testator leaves property under their Will to a legatee with the wish that the legatee transfer the property to another person and within two...

Practice Note

For tax purposes registered same-sex couples are treated as spouses. Variations A legatee may alter the effect of a Will or the intestacy provisions by passing to someone...

Practice Note

A deed of variation may be made to vary the disposition of an estate made by the deceased’s Will or on intestacy. There are formal requirements for such a variation to be...

Practice Note
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