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HMRC has confirmed measures aimed at reducing the inheritance tax reporting burden for most non-taxpaying estates requiring probate or confirmation as wells as ensuring that estates are not excepted from delivering inheritance tax accounts where the deceased was never domiciled in the UK and inheritance tax is due.
These apply to deaths on and after 1 January 2022.
For low value and exempt excepted estates the information to be produced instead of an inheritance tax account is simplified and the relevant monetary limits are increased:
- the limit for the aggregate of chargeable transfers and exempt ‘normal out of income’ transfers made before death is increased from £150 000 to £250 000; and
- the limit for chargeable trust property is increased from £150 000 to £250 000.
For exempt estates the value limit in relation to the gross value of the estate is increased from £1m to £3m with...
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