UK tax rates, allowances and reliefs
ICAEW’s Tax Faculty provides links to help practitioners find the latest tax rates, allowance and reliefs.
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 02/15
Capital taxes liaison group minutes
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
Farm business tenancies after Brexit
Julie Butler and Libby James investigate how farm business tenancies (FBTs) and contract farming arrangements (CFAs) will be affected as we move from the EU’s common agricultural policy to a new farm support system, with reference to inheritance tax and capital gains tax.
A cradle to grave service: applying for probate accreditation
In the latest in our series on moving into new regulated areas, we look at what your firm needs to do to start working in probate in England and Wales.
Tax news in brief
Highlights from the broader tax news week ending 28 July, which includes the opportunity to attend a free webinar from the Office of Tax Simplification updating on its work and confirmation from HMRC of which inheritance tax forms are not available online.
Inheritance tax reform
Freezing inheritance tax thresholds was not widely anticipated ahead of the Spring 2021 Budget. Lindsey Wicks considers how the move will affect post-pandemic government revenue and social mobility, and reviews reports on inheritance and capital taxation from the Institute for Fiscal Studies, the Treasury Select Committee and the OECD.
Property valuations: Too high?
HMRC valuations of land and buildings involving development value should be critically reviewed and challenged where necessary, says Mark McLaughlin.
A guide to the Finance Bill 2021
Lindsey Wicks provides a summary of key measures outlined in Finance Bill 2021.
COVID-19 and the future of tax
How will the Exchequer cover the costs of the economic support and stimulus packages caused by the pandemic? A reduction in defence spend, changes to business rates, corporation, capital gains and inheritance taxes; a wealth tax?
Complex Farm Partnership Cottage Transactions – The Need to Identify the Legal and Tax Position Now
Much has been written in the press about how much the country cottage has become attractive in “lockdown” with “working at home” arrangements. Matters have been helped by the Stamp Duty Land Tax “holiday” which has been extended to 30 June and again in the period to 30 September. The exemption in the final period will be kept at £250,000 and return to £125,000 from 1 October.
Webinars and recordings
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.
Inheritance tax and estates
Tax rates and tables for inheritance tax and estates, updated in line with the Finance Act 2021.
Business and agricultural property relief and woodlands relief
A chapter on tax relief for agricultural property, highlighting tax planning opportunities and potential pitfalls.
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.
Capital taxes
Concise chapters covering capital gains taxation, capital losses and inheritance taxation in the UK.
Inheritance tax
Practical advice on the potential implications of business incorporation upon inheritance tax reliefs.
Personal tax planning
A clear, concise reference guide explaining the main principles and practice underlying personal tax planning in the UK.
Business property relief
Practical advice on business property relief issues in relation to inheritance tax planning.
Pensions and life assurance
Chapter providing practical advice on pensions and life assurance in relation to inheritance tax planning.
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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.