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Inheritance Tax 2021/22

Authors: Mark McLaughlin, Iris Wünschmann-Lyall, Chris Erwood, and Stephen Howe

ISBN: 9781526518477

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Edition: 16th

Publication Date: May 2022

Publisher: Bloomsbury Professional

Law As Stated At: 5 April 2022

Inheritance Tax 2021/22

Inheritance Tax 2021/22

Inheritance Tax 2021/22 provides a clearly structured analysis of the major inheritance tax (IHT) provisions together with the tips and planning techniques needed to apply them successfully and to avoid potential pitfalls.

This essential guide to IHT helps you navigate progressively through the complexities of an increasingly difficult subject. It starts with the basic rules and principles before looking at topics in more depth. Whatever your level of expertise and experience, this book will be a valuable addition to your practice library.

Updates for the 2021/22 edition include:

  • HMRC confirm there will be no overarching reform to Trust taxation
  • HMRC consultation into how better to support taxpayers to fulfil their offshore tax obligations/compliance
  • IHT thresholds - References to the freezing of the nil rate band and the fixing of the residence nil rate band and taper threshold
  • IHT compliance - A change in HMRC's practice when handling applications for a clearance certificate (form IHT30)
  • Covid-19
  • Temporary easements for IHT compliance purposes resulting from difficulties caused by Covid-19
  • HMRC confirmed that payments under the coronavirus life assurance scheme are exempt from IHT
  • Case law – Including:
  • O'Neill v Holland (joint beneficial ownership between co-inhabitants)
  • Fantini v Scrutton & Ors (purported severance of a joint tenancy)
  • Cox (Executors) v HMRC [2020] UKFTT 442 TC (reinforces HMRC stance on BPR denial for furnished holiday lettings)

This accessible reference guide has a user-friendly structure with 'signposts' at the beginning of each chapter to summarise key topics and 'focus points' throughout to highlight important issues, as well as numerous worked examples demonstrating how to apply the main principles in practice.

Last update: May 2022

Next update due: August 2022