|
|
|
|
|
INHERITANCE TAX |
|
Inheritance tax: Calculation See TM ¶6512 HMRC have announced that the nil rate band for 2010/11 will remain at £325,000. This is a reduction to the previously announced nil rate band of £350,000. Chargeable lifetime transfers See TM ¶6530 HMRC have announced that, with effect from 9 December 2009, where an individual purchases an interest in a trust, that interest will form part of the individual’s estate for IHT purposes. Where the interest comes to an end in the purchaser’s lifetime, there may be an immediate charge to IHT. HMRC have also announced that, with effect from 9 December 2009, where an individual settles property on trust, but they or their spouse retain a future interest in it, that interest will form part of the individual’s estate on death. In addition, if the interest comes to an end during the purchaser’s lifetime, there may be an immediate charge to IHT.
|
