The following Trusts and Inheritance Tax guidance note Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP provides comprehensive and up to date tax information covering:
Arguably, the most important exemption from IHT is the married couple / civil partner exemption.
There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’). The exemption applies to inter-spouse transfers during lifetime and on death, but this guidance note concentrates on lifetime gifts.
See also the Providing for a spouse or civil partner guidance note.
The exemption is unlimited in amount, except on transfers (either during lifetime or on death) from a UK domiciled spouse to a non-UK domiciled spouse. In this case, the spouse exemption is limited to the same amount as the prevailing nil rate band (currently £325,000), although that amount is available in addition to the donor’s available nil rate band. See the Transfers to a non UK domiciled spouse or civil partner guidance note.
The exemption applies as long as the property transferred becomes either comprised in the estate of the donee spouse, or the donee’s estate is increased.
**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
List of supplies that are exempt from VATThe goods or services that are exempt from VAT are listed under various group headings within VATA 1994, Sch 9.It is important to remember that not all supplies that come within a heading will be exempt from VAT. For example, income from the placing of bets
RDEC ― large company R&D reliefSince 1 April 2016, or from 1 April 2013 by election, large company R&D relief is given through research and development expenditure credits (RDEC), which is a taxable credit payable to the company. As the credit is taxable, it is also sometimes called an above the
This guidance note provides details of quarterly instalment payments (QIPs) for corporation tax purposes and which companies need to pay their tax liabilities in this manner.Generally, corporation tax is payable nine months and one day after the end of the relevant accounting period. However, large
This guidance note covers measures in place to allow taxpayers to defer VAT payments as a result of pressures faced due to the coronavirus pandemic.For an overview of the impact of coronavirus on VAT more broadly, see the Coronavirus (COVID-19) and VAT ― overview guidance note.See also the CIOT