Inheritance tax
Expert commentary and practical guidance from ICAEW related to inheritance tax in the UK personal tax regime.
Expert commentary and practical guidance from ICAEW related to inheritance tax in the UK personal tax regime.
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
This practical guide outlines the inheritance tax rules, explains key reliefs, and planning for lifetime gifts, wills and deathbed situations.
An update to guidance from ICAEW, STEP, CIOT and The Law Society on areas of uncertainty in the statutory provisions for Inheritance Tax on Overseas Property Representing UK Residential Property introduced by Finance Act (No 2) Act 2017.
In TAXguide 15/17, the Tax Faculty has published correspondence between Emma Chamberlain and HMRC relating to the availability of business property relief (BPR) in complex group structures. It extends the guidance offered by TAXguide 05/11 on inheritance tax and BPR.
Inheritance Tax and Trusts: Trust variations and settlements
Inheritance Tax and Trusts: Update on Finance Act 2006 - Agreed correspondence with HMRC (replaces TAXGUIDE 01/07)
Non-domiciliary announcements made at summer budget 2015
Trustee Residence: ICAEW Tax Faculty, CIOT and STEP guidance note.
IHT Business Property Relief - Interests in Partnerships LLPs and surplus cash holdings. Guidance agreed with HMRC (ICAEW Tax Faculty, CIOT and STEP)
Following the Spring Budget on 15 March, Mei Lim Cooper considers the effects of frozen tax thresholds. With some thresholds static until 2028, more taxpayers will find themselves paying a tax for the first time, or at higher rates.
Mark McLaughlin looks at interests in possession and how they might be identified, which is essential to establish the correct IHT liability.
The annual release of tax relief statistics, published on 12 January 2023, shows a significant rise in the cost of some reliefs. However, overall, the percentage increase in cost between 2020/21 and 2021/22 was less than the increase in tax receipts over the same period.
ICAEW’s Tax Faculty explains when to expect legislation for various measures announced at the Autumn Statement.
The Chancellor has confirmed that headline rates of income tax and capital gains tax (CGT) will remain at their current levels. However, there were various reductions in key thresholds and allowances, and several others were frozen for longer than previously announced.
A change of policy by the Inheritance Team at HMRC has led to issues at the Land Registry where charges are being applied to land where the ownership details are being updated following a death in the name into the names of the beneficiary. Previously, to register land, an application for a clearance certificate (IHT30) was historically automatically sent out by HMRC. Now these need to be applied for.
With the general move towards ‘greener’ farming following on from the Health and Harmony consultation and the Agriculture Act, some concerns have been raised as to whether land which is put into long term schemes that are fundamentally environmental rather than agricultural will still be eligible for the existing Inheritance Tax reliefs.
Mark McLaughlin points out some important exceptions from the inheritance tax gifts with reservation anti-avoidance provisions affecting gifts.
Slides for webinar: Probate: what you need to know
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Practical information on inheritance tax on land and property in the UK, written for tax practitioners.
Annual guide providing a practical overview of the major inheritance tax (IHT) provisions in the UK.
Practical overview of the inheritance tax treatment of an interest in possession trust, written for tax practitioners.
Practical guidance on business property relief and agricultural property relief for inheritance tax.
A full chapter on the taxation of charities in the UK in this title aimed at finance and business undergraduate students.
Textbook aimed at finance and business undergraduate students, providing readers with an understanding of the law relating to all areas of UK taxation. Content has been updated in line with Finance Act 2022.
Tax planning advice for passing a family or owner-managed company on to the next generation or selling to a third party, written for anyone who advises or runs one.
Tax planning advice on selling a family or owner-managed company, written for anyone who advises or runs one.
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In responding to HMRC's consultation on the Tax Administration Framework Review ICAEW argues that the starting point of such tax reform should be significant simplification of the underlying tax rules and that HMRC needs to be given the resources and funding to give it the capacity to take on such a major piece of work.
A briefing to MPs dated 20 April 2020 on Finance Bill 2019-21 published by government on 19 March 2020.