Succession Taxes


A new report has called for national insurance for pensioners, replacing council tax with a tax based more closely on property values, halving SDLT and replacing inheritance tax with a lifetime receipts tax.

Late on 15 January we received the update below from HMRC.  We will continue to provide updates as matters progress.

HMRC hosted a Talking Points Webinar on 17 November 2017.

The controversial subject of how to tax inherited wealth was the subject of a lively CIOT/Institute for Fiscal Studies debate at the RSA which treated its guests to a history of inheritance tax and a comparison to the system used on the other side of the Irish Sea. An audio recording of the debate is available below.

The CIOT comments sent to HMRC on FB17-19 Deemed domicile: Income and Capital Gains Tax.

The CIOT comments sent to HMRC on Offshore trusts: anti-avoidance consultative clauses and schedule.

Below are the briefings / submissions produced on the current Finance Bill by CIOT. Generally speaking documents were provided to Labour and SNP spokespeople as briefings but also made as formal submissions to the Public Bill Committee. 

The CIOT and ATT comments sent to HMRC on the Trust Registration Service.

A liveblog on the fourth public bill committee sitting of Finance Bill 2017-19, which took place on the afternoon of Thursday 19 October 2017. Covers clauses 29-42 of the Bill, including deemed domicile, overseas property and disguised remuneration.

HMRC has issued guidance for users of its online trust registration service, launched in July 2017.  Although promised for October, agent access is not yet available.  We will update as matters develop.