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
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.
Is it a business or not?
Julie Butler explains why the Babylon Farm case highlights the need to focus on the economic activity for VAT and other taxes too.
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.
Tax news in brief
Highlights from the broader tax news week ending 26 October, which includes: new legislation for the health and social care levy and simplifying inheritance tax rules. A deadline reminder for final CJRS claims, more agent webinars from HMRC and confirmation that HGV drivers on temporary visas are not entitled to tax relief on accommodation.
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.
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.
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 in line with the October 2021 Autumn Budget and changes proposed in the Finance Bill 2022.
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.
Business property relief and agricultural property relief
Practical guidance on business property relief and agricultural property relief for inheritance tax.
Agricultural, business and heritage property relief
Expert guide to the rules of inheritance tax relief for business, farm, woodland and heritage property.
Business property relief
Practical advice on business property relief issues 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.
ICAEW REP 50/17
FB 2017 Changes relevant to non-UK domiciliaries