Covid-19 Update: We are continuing to provide our usual services whilst maintaining the safety of clients and colleagues. Read our latest update here.

Complete the form below to ask us a question or make an enquiry. We’ll get back to you via phone or email as soon as possible.

Insights

Most non-taxpaying estates to be exempt from filing inheritance tax from 2022

Posted on 26th March 2021 in Later Life Planning

Posted by

Sue Halfyard

Associate and Chartered Legal Executive
Most non-taxpaying estates to be exempt from filing inheritance tax from 2022

The government have announced that, following recommendations by the Office of Tax Simplification, they are looking at ways of reducing inheritance tax reporting requirements. The government has now agreed to simplify the position so that, from 1 January 2022, over 90% of non-taxpaying estates each year will no longer have to complete inheritance tax forms for deaths when a grant of representation is required.

They have also confirmed that the current temporary provision for those dealing with a trust or estate to provide an inheritance tax return without requiring physical signatures from all those involved will be made permanent.

Reporting regulations where the deceased was never domiciled in the UK but owned indirect interests in UK residential property will also be updated to clarify the requirement for such estates to submit an inheritance tax account.

These changes are certainly welcome, both to reduce the administrative burden on Executors at an already distressing time and to meet the challenges of those dealing at a distance. Although these changes will be appreciated, careful consideration of a deceased’s inheritance tax position at the date of their death will still be required – and it will be for the Executors to decide whether they can fall within these rules, or what their obligations are.

 

For advice on lifetime inheritance tax or assistance with the position after someone has passed away, please contact our dedicated Later Life Planning team.

Contact our expert team

 


 

Paper plane

 

Get the latest news straight from our legal experts.

Subscribe to our newsletter to recieve current, dedicated, suppport and guidance from our solicitors straight to your inbox, wherever you are.

Company & Industry

Related Insights

Insights

What to do when a loved one has lost the mental capacity to deal with their own affairs

Posted on 15th October 2021 in Safeguarding Vulnerable Clients

When a person loses mental capacity, they cannot usually put a Power of Attorney in place. Instead, in order to appoint someone to make decisions for them, an application needs to be made to the Court of Protection to appoint a deputy.

Posted by

Emma Ruttley

Solicitor
Insights

Is a glamping pod or shepherd’s hut a building?

Posted on 15th October 2021 in Planning and Licensing

In a recent decision issued by the Valuation Office Agency (VOA) it was confirmed that a shepherd's hut and a glamping pod met the definition of ‘caravan’.

Posted by

Amy Cater

Partner and Solicitor