Married couple with 3 children. 1st spouse died in April 1991 leaving unquoted shares in family business to their 3 children, rest of the Estate to spouse.
Proposed changes within the Finance Bill 2016 will see the Inheritance Tax rules for non-domiciled individuals aligned with the Long Term Residence Rule announced in the Summer Budget 2015.
The Finance Bill 2016 provides that undrawn funds will not become liable to IHT for all deaths on or after 6 April 2011.
In light of fierce criticism by professional bodies, HM Revenue & Customs has postponed its plans to extend the Disclosure of Tax Avoidance Schemes (DOTAS) regulations to inheritance tax (IHT).
An unquoted trading company owns three properties. Two of these are let at a very low rent to a charitable trust established by the directors some years ago.
A farmhouse is owned by the controlling shareholders of a farming company. They control the farming activities on a day to day basis and there is a good deal of land farmed.
A Main Residence Nil Rate Band will be introduced from April 2017, thereby effectively raising the Inheritance Tax threshold for homeowners to £850,000 for married couples or civil partners, rising
The Chancellor looked to decrease the tax burden on ordinary workers by increasing the personal allowance and IHT thresholds - but sought to recoup any giveaways in other areas.
George Osborne has increased the inheritance tax threshold, allowing £1m homes to be passed down to children after death to be free of tax.
Business Property Relief (BPR) is available to reduce the liability to Inheritance Tax (IHT) on the transfer of relevant business assets.