There has been a great deal of speculation in relation to potential tax measures that could be announced at the Autumn Statement on 17 November. It has been reported that that the Treasury has been working on a range of options for cutting or abolishing some tax reliefs for the Chancellor, Jeremy Hunt, to consider.… Read More The UK Autumn Statement – will inheritance tax proposals re-surface?
HM Revenue & Customs (HMRC) has amended the Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2021 to exempt many estates from the need to submit an HMRC form. These estates can now use the probate/confirmation form instead: For deaths on or after 1 January excepted estates should no longer complete an IHT205/C5/IHT217 or… Read More Reminder: UK IHT reporting changes from January 2022
HMRC’s Trusts and Estates team met with the Agents Advisory Group and Capital Taxes Liaison Group in May and provided the following updates: Operational update Despite the unique challenges presented by the current COVID-19 situation, inheritance tax and trusts operational areas are currently meeting all key targets and processing post and new accounts within published… Read More Update from HMRC’s Trusts and Estates team