The following Trusts and Inheritance Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This note will explain when transfers are exempt. However, it should be noted that some exemptions do not apply in relation to the estate charge on death.
A transfer is exempt from IHT where it is:
The above transfers are totally exempt from IHT. The following are exempt up to a specified amount:
Where a lifetime transfer is treated as exempt at the time it is made because it is a PET, that transfer becomes fully exempt if the donor survives for seven years or more after making it.
For more information on PETs, see the Potentially exempt transfers guidance note.
A transfer is exempt where ownership of property passes outright to a spouse (or civil partner) either during lifetime or on death. The exemption is also given where a transfer of property results in the estate of the spouse being increased in value in some other way. This would apply to a gift into bare trust for the benefit of the spouse, or
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
The substantial shareholding exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. Conversely, if losses are generated by the disposal and the SSE conditions are
Maintenance payments are payments made by a taxpayer to their former or separated spouse for the maintenance of that former spouse or their children. To obtain any tax relief for maintenance payments, one of the couple must have been born before 5 April 1935 and the payments must be made by virtue
Many people work from home either on an informal or a full-time basis. These people can be employed or self-employed, and their employment status affects the expenses they can claim as a deduction from their earnings.When dealing with someone working from home, it is important to remind him that
Duty to prepare trust accountsUnder the laws of England and Wales, trustees have a duty to account to the beneficiaries for their financial administration of the trust fund. This duty is established by a substantial body of case law. In the case of Armitage v Nurse, Millett LJ stated:“Every
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.