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...
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