TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

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.