{"id":6524,"date":"2022-06-16T10:09:03","date_gmt":"2022-06-16T09:09:03","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=6524"},"modified":"2022-06-16T10:09:21","modified_gmt":"2022-06-16T09:09:21","slug":"iht-reporting-all-change","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/06\/16\/iht-reporting-all-change\/","title":{"rendered":"IHT reporting \u2013 all change"},"content":{"rendered":"
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Keeping up to date with tax changes can be\nchallenging and you may have missed this one in relation to the reporting of Inheritance\nTax (IHT), especially as it\u2019s not something most of us will deal with very\noften.<\/strong><\/p>\n<\/div>\n\n

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\u2018Excepted estate\u2019<\/em><\/strong><\/p>\n<\/div>\n\n

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The changes came in at the start of the year and apply to the estate of\nanyone who dies on or after 1 January 2022. Now, before you make a report to HM\nRevenue and Customs (HMRC) you need to check whether the estate is an \u2018excepted\nestate\u2019 to make sure you complete the right forms. <\/p>\n<\/div>\n\n

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There are several reasons why an estate may now be classified as \u2018excepted\u2019<\/em>:<\/p>\n<\/div>\n\n

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\u2022 The estate has a value below the current IHT threshold (\u00a3325,000 for\none person)<\/p>\n<\/div>\n\n

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\u2022 Any unused threshold is being transferred from a spouse or civil\npartner who died first, and the estate is worth \u00a3650,000 or less<\/p>\n<\/div>\n\n

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\u2022 The estate is worth less than \u00a33m and the deceased left everything in\ntheir estate to their surviving spouse or civil partner who lives in the UK, or\nto a qualifying registered UK charity<\/p>\n<\/div>\n\n

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\u2022 The estate has UK assets worth less than \u00a3150,000 and the deceased\nhad permanently been living outside of the UK when they died.<\/p>\n<\/div>\n\n

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

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Your IHT planning<\/strong><\/p>\n<\/div>\n\n

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More people are having to pay IHT; HMRC figures show IHT receipts for\nthe period April 2021 to January 2022 to be \u00a35bn, which is a \u00a3700m increase on\nthe same period one-year earlier1<\/sup>. IHT planning is a complicated\nsubject, but sensible financial planning can help to reduce the amount of IHT\npayable and safeguard 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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The value of\ninvestments and income from them may go down. You may not get back the original\namount invested. Inheritance Tax Planning is not regulated by the Financial\nConduct Authority.<\/strong><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Keeping up to date with tax changes can be challenging and you may have missed this one in relation to the reporting of Inheritance Tax (IHT), especially as it\u2019s not something most of us will deal with very often. \u2018Excepted estate\u2019 The changes came in at the start of the year and apply to the […]<\/p>\n","protected":false},"author":12,"featured_media":6525,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,88,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6524"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=6524"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6524\/revisions"}],"predecessor-version":[{"id":6528,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6524\/revisions\/6528"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/6525"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=6524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=6524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=6524"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=6524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}