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

HMRC to Publish Inheritance Tax Excepted Estates Proposals

HMRC contacted us to advise that they will publish proposals to change the scope of those estates excepted from submitting an Inheritance Tax (IHT) account to HMRC.

We have been given advance sighting of the proposals which include a covering note, regulations and a discussion paper. The proposals are in direct response to the introduction of the change to a transferable IHT nil rate band. As a result, HMRC anticipates that this would allow scope for more estates to be excused from completing the full IHT return.

Given the specialist subject and narrow scope of this area, HMRC are of the opinion that it would be disproportionate to conduct a formal exercise under the terms of the Code of Practice on Consultation. However comments have been invited from interested parties with a request that these be made by 5 November at the latest.