top of page

Recent Posts

Archive

Tags

New Inheritance Tax Regulations from the 1st January 2022

Writer's picture: Emma MoffatEmma Moffat


From the 1st January 2022 new regulations will apply in respect of Inheritance Tax (IHT). This change will apply to deaths on and after that date.


The aim of the regulations is to simplify the process. As a result, it is expected that over 90% of non-taxpaying estates each year will no longer be required to complete and send IHT forms to HMRC.


Currently, when the personal representatives of an estate meet the excepted estates criteria, they submit a short IHT form rather than a full IHT account. The new changes mean for these estates, the personal representatives will only be required to provide the following:

  • The full name and date of death of the deceased;

  • The gross value of the estate for IHT;

  • The net value of the estate for IHT; and

  • The net qualifying value of the estate, being the net value less any spouse, civil partner or charity exemptions.

The personal representatives will also need to make a declaration that the estate is an excepted estate and declare whether they are claiming an unused proportion of the IHT nil rate band of a pre-deceased spouse or civil partner.


For deaths before the 1st January 2022, the existing regulations apply. In addition, more information will need to be provided if the deceased was not a resident in the UK.


If you would like any advice or assistance in relation to administering an estate, please do not hesitate to contact us on 01992 422 128 and we would be happy to assist you.

Comments


GARDEN HOUSE SOLICITORS

LEGAL

CONTACT

Phone: 01992 422128

Fax: 01992 422129

23 London Road, Hertford, Hertfordshire, SG13 7LG.

Lexcel logo

Garden House Solicitors is the trading name of Garden House Solicitors Limited a Company registered in England No. 7546805 - VAT No. 880 3524 25

Registered Office 23 London Road, Hertford, Hertfordshire, SG13 7LG.

Authorised and regulated by the Solicitors Regulation Authority www.sra.org.uk (SRA Number 558153)

Director: Patricia E Ling LL.B. (Hons)

©2018 by Garden House Solicitors.

bottom of page