Inheritance Tax (IHT) Archives

Oct 06 2025

Business and Agricultural Property Reliefs

By admin Business Property Relief (BPR), HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News, Property

Draft legislation has been published giving more insight into how and when proposed restrictions to two major inheritance tax (IHT) reliefs will be implemented At Autumn Budget 2024 the Chancellor announced plans to reform business property relief (BPR) and agricultural property relief (APR). Draft legislation published on 21 July 2025…

Dec 11 2024

Pensions To Lose IHT Exemption

By admin HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News

At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a lump sum or as income.…

Nov 12 2024

Non-Doms Regime Abolished

By admin Budget Update, HMRC, Inheritance Tax (IHT), Non-Doms, Potts & Co Accountancy & Business Advice News

As expected, the Chancellor has confirmed the abolition of the generous tax regime enjoyed by non-UK-domiciled individuals, or 'non-doms' Broadly, the current rules apply to a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. These individuals do not pay UK tax on…

Sep 27 2024

Changes To Bereavement Forms

By admin HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News

HMRC has completed a long-overdue overhaul of the forms and associated guidance used to report chargeable events on which inheritance tax (IHT) is due on a trust. Previously, if you needed to report IHT due on gifts or trusts you had to complete the 'one-size-fits-all' form IHT100 and submit this…

Nov 26 2022

Capital Gains & Inheritance Tax

By admin Capital Gains Tax, HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News, Property

Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year. This exemption will be reduced to £6,000 for the tax year 2023-24 and then to £3,000 for 2024-25. Any…

Mar 20 2022

Valuation Of Let Property

By admin HMRC, Potts & Co Accountancy & Business Advice News, Property

When an individual dies everything they own is valued to calculate the inheritance tax (IHT) due on their estate. These assets include the deceased's main home and any let properties they may own. All of the assets must be valued based on a deemed transfer at open market value immediately…

Mar 14 2018

Gifts Liable To IHT

By admin HMRC, Inheritance Tax (IHT), Personal Tax, Potts & Co Accountancy & Business Advice News

It's not true that inheritance tax (IHT) is only due when you die. Capital gifts during your lifetime can be subject to IHT at the rate of 20%, unless the recipient is exempt or the gift is covered by a separate exemption. There are exemptions for gifts made to political…

Sep 13 2017

Inheriting Holiday Cottages

By admin HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News

When someone dies while they own a share in a private trading business, the deceased’s share of the business will qualify for 100% business relief from inheritance tax (IHT). This business relief doesn’t automatically apply where the business involves letting holiday accommodation. Although holiday lets are treated as a trade…

Inheritance Tax (IHT)

Business and Agricultural Property Reliefs

Pensions To Lose IHT Exemption

Non-Doms Regime Abolished

Changes To Bereavement Forms

Capital Gains & Inheritance Tax

Valuation Of Let Property

Gifts Liable To IHT

Inheriting Holiday Cottages

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