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Inheritance Tax 

There will be an adjustment to the requirement to administer annual Tax Returns if the individual was in self-assessment and submitted Tax Returns during their lifetime. 
 
The tax year is effectively split from the start of the tax year up until the date of death and a normal income tax return is prepared for that period. 
 
During the period of administration there would be a continued requirement to prepare a separate return for the Estate of that individual if any income or capital gains are realised by the Estate after death but before the assets are appointed out or distributed. 
 
A second consideration relates the reporting of any IHT and submitting the relevant forms that are required by HM Revenue & Customs. There is the possibility to consider mitigation of IHT by varying the contents of a will and ensuring any expenses or relief from IHT is maximised. We can work with legal professionals to ensure that this process is handled correctly from a tax perspective. 
 
We also offer IHT planning and are happy to provide a will 'health check' to ensure that an individual has not missed any opportunities to mitigate IHT during their life time. Many of our clients like to consider actively planning to mitigate IHT and we can prepare IHT reports which provide a significant amount of detail in this area. 
 

To view the latest updates relating to inheritance tax advice please click on the article below: 

  • Inheritance Tax and Land
    Inheritance Tax and Land : what qualifies for Agricultural Property Relief “APR” and what is Business Property Relief “BPR”
  • Tax Returns during Estate Administration
    If an individual previously submitted tax returns to HMRC during their lifetime, in death they will need to Report taxable income in the tax year of death and prepare a tax return to report income and gains realised from the date of death until the end of the tax year
  • Cryptocurrencies – should they appear on my tax return?
    Many investors hold different types of cryptocurrency such as coins, tokens etc and the buying and selling of these currencies can vary. So does this impact your tax situation and tax returns?
  • Budget 2021: live coverage and video review
  • Inheritance Tax Changes Ahead?
    The Office of Tax Simplification (OTS) have published a report containing proposed changes relating to Inheritance Tax (IHT). The Government will decide which of these rules will become law.
  • Property Trading Companies and Business Property Relief Case Law
    This article examines the challenges HMRC have raised for land and property based businesses via the courts in recent years and the ‘trading’ requirements that must be met.
  • Family Investment Company
    A Family Investment Company (‘FIC’) is a company whose shares are held by family members. Those family members may also be employees or directors of the company. An FIC is an effective tool to facilitate wealth succession and family tax planning.
  • Property Incorporation vs Ownership
    Recent changes in government policy have had a significant impact on individual’s owning property. Changes restricting the deduction of finance costs to a basic rate of tax and the introduction of the 3% SDLT surcharge have led many of our clients to consider whether a corporate structure is a more effective way to own a property portfolio.
  • Inheritance Tax and the Family Home
    The family home will be liable for Inheritance Tax (‘IHT’) if the value of the home exceeds the available nil rate band upon the relevant individual’s death (the surviving spouse or sole owner).
  • Inheritance tax residential nil rate band
    In 2015 the Conservative Party promised to ‘take the family home out of tax by increasing the effective IHT threshold to £1 million’. As the law stands, this target will be met by 2020 through the introduction of the residential nil rate band (RNRB).
 
 
 
 
 
 
 
 
 
 
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