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Inheritance tax - articles

Features and articles from ICAEW related to inheritance tax in the UK personal tax regime.

Displaying 1-30 of 58 results
INSIGHTS VIEWPOINT TECHNICAL ROUND UP Technical round-up: October 2024
  • Oct 2024
  • ICAEW Insights
This month’s top stories feature eight Budget updates covered by ICAEW’s Tax Faculty, a list of software products that are now ready for MTD ITSA, and new VAT guidance for private schools.
INSIGHTS VIEWPOINT ICAEW welcomes increased funds for HMRC in Autumn Budget
  • Oct 2024
  • ICAEW Insights
HMRC has received additional investment, with its budget for 2024/25 increasing from £4.7bn to £5.2bn, and its initial budget for 2025/26 set at £5.8bn. However, HMRC is expected to make savings of £107m in 2025/26 from continuous improvement.
INSIGHTS VIEWPOINT Autumn Budget makes significant changes to inheritance tax
  • Oct 2024
  • ICAEW Insights
The government has announced that the inheritance tax (IHT) nil rate band will be fixed for a further two years, business property relief (BPR) and agricultural property relief (APR) will be reformed and the exemption for pensions will be removed.
Exclusive TAX FACULTY Cryptoassets: international tax issues
  • Oct 2024
  • Dion Seymour, James Carn and Yuri Hamano
  • Taxline
In the second of a series of articles on cryptoassets, members of ICAEW’s digital assets working party explain the key international tax considerations for individuals holding cryptoassets and for cryptoasset businesses.
PROFESSIONAL STANDARDS DEPARTMENT HMCTS Probate Service User Group update
  • Sep 2024
  • Professional Standards Department
ICAEW, along with other group members, met with the senior team at HM Courts and Tribunals Service (HMCTS) in September. In this article, Rachel Clements, ICAEW Regulatory Policy Manager, shares the latest updates from HMCTS on a range of topics of interest to practitioners, including current service levels between April and July.
INSIGHTS VIEWPOINT Improved processes for trusts and estates
  • Sep 2024
  • ICAEW Insights
Updates to forms should make it easier to inform HMRC of a chargeable event for inheritance tax (IHT), and to speed-up probate applications and dealing with an estate.
Exclusive FARMING AND RURAL BUSINESS COMMUNITY Butler & Others v HMRC [2023]
  • Jul 2024
  • Lucy de Greeff
  • Farming and Rural Business Community News
The result of a recent First Tier Tribunal case on a failed claim for 100% Business Property Relief (BPR) on an interest in a Limited Liability Partnership (LLP) which ran a wedding business will be of interest to members and rural businesses alike.
Exclusive FARMING AND RURAL BUSINESS COMMUNITY Clarity on the tax treatment of land held in environmental schemes
  • Apr 2024
  • David Missen
  • Farming and Rural Business Community News
It seems a long time ago that the consultation on the taxation of environmental land management schemes was launched. The consultation period ended in June and, after what must have been considerable contemplation, a response was issued within the appendices to the March 2024 Budget.
INSIGHTS VIEWPOINT New guidance on applying for help with paying IHT
  • Apr 2024
  • ICAEW Insights
HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.
Tax news in brief 24 January 2024
  • Jan 2024
Highlights from the broader tax news for the week ending 24 January 2024, including: time to pay arrangements; preparing for changes on moving goods from Ireland to Great Britain; HMRC research on VAT penalty reform; insolvency guidance on operating PAYE; and updates to the process for applying for probate.
PERSONAL FINANCIAL PLANNING COMMUNITY Trusts – their use in Personal Financial Planning
  • Jan 2024
  • Anthony McManus
An explanation of the role of trusts in personal financial planning.
PROFESSIONAL STANDARDS DEPARTMENT HMCTS update on delays in probate applications
  • Nov 2023
  • Professional Standards Department
  • Probate News
As a member of the Probate Service User Group, the ICAEW Regulatory Policy team regularly meet with Her Majesty's Courts and Tribunals Service (HMCTS) to raise your questions and feedback. Find out what improvements are being planned for Autumn 2023 in HMCTS.
Exclusive FARMING AND RURAL BUSINESS COMMUNITY Development land tax pitfalls – deferred consideration
  • Oct 2023
  • Julie Butler
  • Farming and Rural Business Community News
Despite all the news about the housing sector slowing down, the demand for farmland for development has remained strong, with reduced profit margins due to costs. Tax on the sale of land for development can be very complicated. In most cases the gain on the sale of land should be chargeable to capital gains tax (CGT) but in some cases the profit can be charged to income tax and this takes considerable planning in advance.
FACULTIES ONLINE TAX FACULTY TAX NEWS IFS examines options for reforming inheritance tax
  • Oct 2023
  • ICAEW
In its recent report, the Institute for Fiscal Studies (IFS) considers several options for reforming inheritance tax (IHT). These include raising the IHT nil rate band (NRB), or capping key IHT reliefs such as business property relief (BPR) and agricultural property relief (APR).
Exclusive TAX FACULTY Home loan schemes under the spotlight
  • Sep 2023
  • Andrew Cockman
  • Taxline
Andrew Cockman reviews the recent Elborne First-tier Tribunal decision and considers the practical impacts the case may have for practitioners with clients who still have home loan schemes in place.
Exclusive TAX FACULTY Inheritance tax: pitfalls and planning points
  • Aug 2023
  • Mei Lim Cooper
  • Taxline
Inheritance tax has been in the public eye again in recent months, sparking media debate on the merits and demerits of one of the UK’s least favourite taxes. Mei Lim Cooper looks at some of the pitfalls and planning points for inheritance tax as it stands.
FACULTIES ONLINE TAX FACULTY TAX NEWS Have your say: HMRC consultation on employee ownership trusts and employee benefit trusts
  • Aug 2023
  • ICAEW
Reforms to the tax treatment of EOTs and EBTs proposed in the paper are intended to focus the rules more effectively on the policy objectives of rewarding employees and encouraging more employee engagement. Another objective is to prevent tax advantages being obtained through the use of these trusts outside their intended purposes.
FACULTIES ONLINE TAX FACULTY TAX NEWS HMRC guidance on digital records and signatures
  • Jul 2023
  • ICAEW
HMRC confirmed its position on digital records and signatures in Agent Update 110. ICAEW’s Tax Faculty is encouraging HMRC to conduct a wider review of this area.
Tax and tax alike: postcards from abroad
  • Jul 2023
  • ICAEW Insights
The UK’s national tax burden is on the up and people’s expectations of fiscal policy are shifting. We tour the globe to discover how the UK’s taxes compare internationally.
PRACTITIONER BUSINESS ADVISERS COMMUNITY PRACTICE DEPARTMENT Time limit for negligence payments
  • Apr 2023
  • Bloomsbury Professional
Mark McLaughlin, Bloomsbury Professional author, looks at the time limit for damages claims in respect of negligent tax advice and warns that it could be much longer than many practitioners might assume.
Exclusive FARMING AND RURAL BUSINESS COMMUNITY Spring Budget 2023
  • Apr 2023
  • David Missen & Mark Lumsdon-Taylor
  • Farming and Rural Business Community News
The Spring Budget has given the profession plenty to think about. The following articles look at if from three different angles.
Exclusive TAX FACULTY Tax thresholds in deep freeze
  • Mar 2023
  • Mei Lim Cooper, Technical Manager, Personal Tax, ICAEW
  • Taxline
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.
Exclusive TAX FACULTY When interest in possession meets IHT
  • Mar 2023
  • Mark McLaughlin
  • Taxline
Mark McLaughlin looks at interests in possession and how they might be identified, which is essential to establish the correct IHT liability.
FACULTIES ONLINE TAX FACULTY TAX NEWS Autumn Statement: Threshold freezes create stealth tax increases
  • Nov 2022
  • ICAEW
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.
Exclusive FARMING AND RURAL BUSINESS COMMUNITY Land registry issues
  • Jul 2022
  • Keith Plillips
  • Farming and Rural Business Community News
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.
Exclusive FARMING AND RURAL BUSINESS COMMUNITY Will land in fully environmental usage still be eligible for APR?
  • Mar 2022
  • David Missen
  • Farming and Rural Business Community News
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.
Exclusive TAX FACULTY Gifts with reservation: de minimis and other let-outs
  • Feb 2022
  • Mark McLaughlin
  • Taxline
Mark McLaughlin points out some important exceptions from the inheritance tax gifts with reservation anti-avoidance provisions affecting gifts.
Exclusive TAX FACULTY FACULTIES ONLINE Is it a business or not?
  • Feb 2022
  • Julie Butler
  • Taxline
Julie Butler explains why the Babylon Farm case highlights the need to focus on the economic activity for VAT and other taxes too.
Exclusive TAX FACULTY FACULTIES ONLINE How many transferable inheritance tax nil rate bands?
  • Jan 2022
  • Mark McLaughlin
  • Taxline
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.
PRACTICE DEPARTMENT Cryptocurrency and taxation
  • Dec 2021
  • ICAEW
The increased interest in Cryptocurrency raises many interesting tax issues for professional and amateur investors investing in cryptocurrency and cryptocurrency entrepreneurs creating new crypto businesses. This article outlines the significant tax issues a tax professional may encounter in relation to cryptocurrency.
Displaying 1-30 of 58 results
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