{"id":904,"date":"2022-05-27T12:51:26","date_gmt":"2022-05-27T11:51:26","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=904"},"modified":"2022-05-27T12:51:27","modified_gmt":"2022-05-27T11:51:27","slug":"inheritance-tax-changes-in-reporting","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2022\/05\/27\/inheritance-tax-changes-in-reporting\/","title":{"rendered":"Inheritance Tax \u2013 changes in reporting"},"content":{"rendered":"
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Keeping up\nto date with tax changes is never easy and you may have missed this recent one\nin relation to the reporting of Inheritance Tax (IHT), especially as it\u2019s not\nsomething most of us have to become involved in very often.<\/strong><\/p>\n<\/div>\n\n

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Checking for\nan \u2018excepted estate\u2019<\/strong><\/p>\n<\/div>\n\n

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The changes\ncame in at the start of this year, applying to the estate of anyone who dies on\nor after<\/p>\n<\/div>\n\n

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1 January 2022.\nNow, before you make an IHT report to HM Revenue and Customs (HMRC) you need<\/p>\n<\/div>\n\n

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to check\nwhether the estate is an \u2018excepted estate\u2019. This will ensure you complete the\ncorrect forms.<\/p>\n<\/div>\n\n

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These are reasons\nwhy an estate may be classified as one that is \u2018excepted\u2019:<\/p>\n<\/div>\n\n

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\u2013 The estate\nhas a value below the IHT threshold (currently \u00a3325,000 for one person)<\/p>\n<\/div>\n\n

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\u2013 Any unused\nthreshold is being transferred from a spouse or civil partner who died first,\nand the estate is worth \u00a3650,000 or less<\/p>\n<\/div>\n\n

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\u2013 The estate is\nworth less than \u00a33m and the deceased left everything in their estate to their\nsurviving spouse or civil partner who lives in the UK, or to a qualifying\nregistered UK charity<\/p>\n<\/div>\n\n

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\u2013 The estate\nhas UK assets worth less than \u00a3150,000 and the deceased had permanently been\nliving outside of the UK when they died.<\/p>\n<\/div>\n\n

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Online\nguidance \u2013 step-by-step<\/strong><\/p>\n<\/div>\n\n

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Further details\non how to value an estate for IHT and report its value can be found here www.gov.uk\/\nvaluing-estate-of-someone-who-died\/check-type-of-estate<\/a><\/p>\n<\/div>\n\n

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Make your own\nIHT plan<\/strong><\/p>\n<\/div>\n\n

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More people are\nhaving to pay IHT; HMRC figures show IHT receipts for the period April 2021 to\nJanuary 2022 to be \u00a35bn, which is a \u00a3700m increase on the same period one year\nearlier1<\/sup>. IHT planning is a complicated subject, but sensible\nfinancial planning can help to reduce the amount of IHT payable and help\nsafeguard your wealth for the future.<\/p>\n<\/div>\n\n

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1<\/sup>HMRC, 2022<\/p>\n<\/div>\n\n

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It is important to take professional advice before making any\ndecision relating to your personal finances. Information within this article is\nbased on our current understanding and can be subject to change without notice\nand the accuracy and completeness of the information cannot be guaranteed. It\ndoes not provide individual tailored investment advice and is for guidance\nonly. Some rules may vary in different parts of the UK.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Keeping up to date with tax changes is never easy and you may have missed this recent one in relation to the reporting of Inheritance Tax (IHT), especially as it\u2019s not something most of us have to become involved in very often. Checking for an \u2018excepted estate\u2019 The changes came in at the start of […]<\/p>\n","protected":false},"author":12,"featured_media":905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,77],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/904"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=904"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/904\/revisions"}],"predecessor-version":[{"id":906,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/904\/revisions\/906"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/905"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=904"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}