Inheritance tax
Expert commentary and practical guidance from ICAEW related to inheritance tax in the UK personal tax regime.
Inheritance tax
Expert commentary and practical guidance from ICAEW related to inheritance tax in the UK personal tax regime.
Need to know
In this section
Practical guidance
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax
TAXguide 16/20: Basic inheritance tax planning
This practical guide outlines the inheritance tax rules, explains key reliefs, and planning for lifetime gifts, wills and deathbed situations.
TAXguide 11/20: IHT on overseas property representing UK residential property
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.
TAXguide 15/17: Inheritance tax - business property relief and groups of companies
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.
TAXguide 10/15
Inheritance Tax and Trusts: Trust variations and settlements
TAXguide 09/15
Inheritance Tax and Trusts: Update on Finance Act 2006 - Agreed correspondence with HMRC (replaces TAXGUIDE 01/07)
TAXguide 08/15
Non-domiciliary announcements made at summer budget 2015
TAXguide 06/15 (TECH 08/15 TAX)
Trustee Residence: ICAEW Tax Faculty, CIOT and STEP guidance note.
TAXguide 01/14
IHT Business Property Relief - Interests in Partnerships LLPs and surplus cash holdings. Guidance agreed with HMRC (ICAEW Tax Faculty, CIOT and STEP)
Features and articles
Tax thresholds in deep freeze
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.
When interest in possession meets IHT
Mark McLaughlin looks at interests in possession and how they might be identified, which is essential to establish the correct IHT liability.
HMRC relief statistics: costs in line with tax receipts
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.
What to expect from the two Finance Bills
ICAEW’s Tax Faculty explains when to expect legislation for various measures announced at the Autumn Statement.
Autumn Statement: Threshold freezes create stealth tax increases
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.
Land registry issues
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.
Will land in fully environmental usage still be eligible for APR?
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.
Gifts with reservation: de minimis and other let-outs
Mark McLaughlin points out some important exceptions from the inheritance tax gifts with reservation anti-avoidance provisions affecting gifts.
Webinars and recordings
Probate what you need to know webinar slides
Slides for webinar: Probate: what you need to know
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Accounting and Tax Service.
Inheritance tax
Practical information on inheritance tax on land and property in the UK, written for tax practitioners.
Inheritance tax 2022/23
Annual guide providing a practical overview of the major inheritance tax (IHT) provisions in the UK.
Trusts: interest in possession
Practical overview of the inheritance tax treatment of an interest in possession trust, written for tax practitioners.
Business property relief and agricultural property relief
Practical guidance on business property relief and agricultural property relief for inheritance tax.
Charities
A full chapter on the taxation of charities in the UK in this title aimed at finance and business undergraduate students.
Revenue Law: Principles and Practice
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.
Succession planning and passing on the family or owner-managed company
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.
Selling the owner-managed business or company
Tax planning advice on selling a family or owner-managed company, written for anyone who advises or runs one.
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Representations
ICAEW REP 65/21: Tax Administration Framework Review
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.
ICAEW REP 16/20 Inheritance tax-excluded property FB19-21 clause 72
A briefing to MPs dated 20 April 2020 on Finance Bill 2019-21 published by government on 19 March 2020.