HMRC And Excepted Estates
Published date | 01 November 2021 |
Subject Matter | Corporate/Commercial Law, Tax, Family and Matrimonial, Inheritance Tax, Trusts, Wills/ Intestacy/ Estate Planning |
Law Firm | Albert Goodman |
Author | Mr Chris Thorpe |
HMRC has announced that the thresholds for excepted estates (i.e. those which pay no inheritance tax and need not complete a full IHT return) will increase from 1 January 2022 in England, Wales and Northern Ireland. The main changes are:
- raising the threshold gross value of an excepted estate from '1million to '3million;
- raising the value threshold of an excepted estate's chargeable trust property from '150,000 to '250,000 although the total amount of trust property including exempt amounts is limited to '1million;
- increasing the value limit in relation to specified lifetime transfers from '150,000 to '250,000;
- amending the definition of 'IHT threshold' to include the unused nil-rate band transferred from the estate of first deceased spouse/civil...
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