A move to simplify inheritance tax (IHT) reporting requirements has received a mixed response from l...
A move to simplify inheritance tax (IHT) reporting requirements has received a mixed response from life offices. HM Revenue & Customs has launched a consultation on proposed rules which would remove the requirement to fill out an IHT100 form in the 2007/08 tax year in certain circumstances. The concession would apply to those who make a gift, which is a chargeable transfer of less than £210,000, unless they have made other chargeable transfers in the last seven years which take them over that threshold in total. At present, gifts over £10,000 to most trusts require an IHT100 form, even if...
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