Standard Life welcomes new IHT reporting rules

The provider says the rules, published last Thursday, greatly simplify the IHT reporting process. They will come into force on 6 April this year with an effective start date of 6 April 2007. The changes mean the reporting threshold has increased from £10,000 to £300,000 for gifts of cash or quoted shares and 80% of the IHT threshold for other asset classes. Under the old rules, consumers could face up to 12 pages of compliance even if they did not need to pay tax. After the 2006 budget more types of lifetime gift qualified as a chargeable transfer instead of a potentially exempt tra...