This guidance note provides an overview of the ‘How IHT is charged’ sub-topic.
The An introduction to inheritance tax (IHT) guidance note covers the background to inheritance tax and the basic principles involved, including an outline of the loss to the donor principle and related property rules. The guidance note also distinguishes between chargeable transfers and transfers not subject to inheritance tax and gives an outline of the nil rate band provisions and the cumulation principle.
The Occasions of charge guidance note discusses when an IHT charge will be due in lifetime, on death and on settled property. It also covers the commorientes rule where taxpayers die together and the effect of this on the overall IHT charged.
The Dispositions that are not transfers of value guidance note discusses the dispositions that are not transfers of value for IHT purposes. Some of these exemptions apply on lifetime transfers only. This note covers
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Married couple’s allowanceThe married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 89 years old on 5 April 2024 to qualify for an allowance in the 2023/24 tax year.There
Temporary differencesCalculation of temporary differencesThe temporary difference arising in respect of an asset or liability is calculated by comparing the carrying value of that asset or liability with its tax base.IAS 12 uses the concept of taxable or deductible temporary differences. Whether a
Research and development (R&D) relief ― overviewThis guidance note provides an overview of the research and development (R&D) tax reliefs for companies.See the Research and development tax relief summary diagram which summarises the R&D tax relief.See also Simon’s Taxes D1.401.For a factsheet which