Inheritance Tax
HMRC have advised of a change in interest rates in relation to discounted Gift Schemes from 1 September 2007. Also, Return of Estate forms have been updated to take account of the excepted estate limit of £300k, which has taken effect from 6 August 2007.
HMRC have updated their very useful “ready reckoner” on inheritance tax rates, dates and limits – IHT210A, to include the nil rate band of £300,000 and the recent increase to the interest rate for unpaid inheritance tax. The updated IHT210A is available at http://www.hmrc.gov.uk/forms/iht210a_1.pdf.
Finally, HMRC have updated form C5 and form IHT205 to take account of the excepted estates limit of £300,000, which has taken effect from 6 August 2007.