Error in the April 2013 Trusts & Estates Newsletter published on 25 April 2013
There was an error on page 2 of the April 2013 Trusts & Estates
Newsletter under the subheading 'Dealing with the Income Tax and/or Capital
Gains Tax liability of a deceased person’s estate'.
Trusts & Estates Newsletter (PDF 47K)
The latest edition of the Trusts & Estates newsletter for trusts and estates practitioners is now available online.
New Inheritance Tax form IHT408 - Household and personal goods donated to charity (PDF 278K)
For deaths on or after 6 April 2012 proof must now be provided to show that the charity has received the goods being given to it. HM Revenue & Customs has published an updated IHT408 to include this additional requirement.
Inheritance Tax quarters calculator for trusts
There is a new calculator you can use to quickly work out the number
of complete quarters (three month periods) within a ten-year cycle
for the purposes of charging or relieving Inheritance Tax on a relevant
property trust.
Scanning post starts in
Trusts & Estates
From 11 February 2013 if HM Revenue & Customs has opened an enquiry into your Trust return or Inheritance Tax account then your letters should be sent to Netherton, Merseyside to be scanned.
Updates to the Inheritance Tax Manual
The manual updates highlight a change in HM Revenue & Customs
(HMRC) thinking on specialty debts. They also make it clear that HMRC
will deny claims to substitute a higher sale value for land or buildings
sold within three years of the date of death.
Trusts & Estates Newsletter
The latest edition of the Trusts & Estates newsletter for trusts and estates practitioners is now available online.
Inheritance Tax (Market Makers and Discount Houses) Regulations 2012 (Opens new window)
Legislation to extend Business Property Relief.
New Inheritance Tax forms IHT400, IHT404, IHT421, IHT430, IOV2 and
IHT 400 Notes
HM Revenue & Customs (HMRC) have today published updated forms IHT400,
IHT404, IHT421, IOV2, IHT 400 Notes and new schedule IHT430 Reduced rate
of Inheritance Tax.
Draft legislation for the Inheritance Tax (Market Makers and Discount Houses)
Regulations 2012
Draft legislation to extend Business Property Relief.
Reduced rate Inheritance Tax - new manual guidance
New guidance on the reduced rate of Inheritance Tax for charitable gifts has now been published in the Inheritance Tax Manual (IHTM). This replaces the temporary guidance and follows the Finance Bill 2012 receiving Royal Assent on 17 July 2012.
Trusts & Estates Newsletter
The latest edition of the Trusts & Estates newsletter for trusts and estates practitioners has now been published.
Consultation on vulnerable beneficiary trusts
The Government is seeking views on changing the definition for vulnerable beneficiary trusts and harmonising Income, Capital Gains and Inheritance Tax conditions to reduce complexity.
New Form IHT35
HM Revenue & Customs have today published a new form IHT35 Claim for relief - loss on sale of shares.
Inheritance Tax : Simplifying Charges on Trusts
HMRC has issued a consultation document about whether there may be options for simplifying the calculation of Inheritance Tax charges to which trusts are subjected at ten-yearly intervals and when property is withdrawn from trust.
New form IHT 38
HM Revenue and Customs (HMRC) have today published a new form IHT 38
Claim for relief – loss on sale of land.
Trusts & Estates Newsletter
The latest edition of the Trusts & Estates
newsletter for trusts and estates pracitioners is now available online.
Reduced Rate Inheritance Tax
HM Revenue & Customs guidance on the new reduced rate of Inheritance
Tax for a ten per cent donation to a registered charity.
Pre-owned assets charge guidance
HM Revenue & Customs guidance on the pre-owned assets charge has
been expanded and improved.
Scottish Estates and form
C4(S)
Guidance on which version of form C4(S) you should use from
12 March 2012.
Scottish
Statutory Instrument 2011/435 (Opens new window)
The Confirmation to Small Estates (Scotland) Order 2011 comes
into force on 1 February 2012.
Scottish
Statutory Instrument 2011/436 (Opens new window)
The Prior Rights of Surviving Spouse and Civil Partner (Scotland)
Order 2011 comes into force on the 1 February 2012.
2011 news and updates - The National Archives (Opens new window)
2010 news and updates - The National Archives (Opens new window)
