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
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.
How many transferable inheritance tax nil rate bands?
Mark McLaughlin, CTA (Fellow), ATT (Fellow), TEP, offers some useful inheritance tax planning points, as well as guiding you through the pitfalls surrounding the transferable inheritance tax nil rate band.
Changes to the inheritance tax reporting rules
Changes to the excepted estate rules announced this year will apply from January 1, 2022. ICAEW technical editor Lindsey Wicks looks at the effects as more than 90% of non-taxpaying estates will no longer have to complete full inheritance tax accounts.
The benefits of professional collaboration
This inheritance tax and estate planning guide aims to raise awareness of the opportunities for chartered accountants to work more collaboratively with regulated financial advisers and other personal financial planning professionals.
Webinars and recordings
Probate what you need to know webinar slides
Slides for webinar: Probate: what you need to know
Bloomsbury Core 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 Core Accounting and Tax Service.
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.
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.
Capital taxes
Concise chapters covering capital gains taxation, capital losses and inheritance taxation in the UK.
Personal tax planning
A clear, concise reference guide explaining the main principles and practice underlying personal tax planning in the UK.
Inheritance tax
Practical advice on the potential implications of business incorporation upon inheritance tax reliefs.
Inheritance tax and estates
Tax rates and tables for inheritance tax and estates, updated to reflect measures passed in the Finance Act 2022, the provisions in the National Insurance Contributions (Increase of Thresholds) Act 2022 and key measures announced at the Spring Statement on 23 March 2022.
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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.
ICAEW REP 50/17
FB 2017 Changes relevant to non-UK domiciliaries