Inheritance tax (IHT) will affect many clients. Advisers and their clients should be aware of the various penalties associated for failing to comply with IHT obligations. In this article I will focus on two specific penalties in this regard – late delivery of an account and failure to provide information.
Inheritance tax is defined as a tax on the estate of someone who has died. An estate is further defined as the aggregate of all the property to which they are beneficially entitled. There are exclusions such as trusts for bereaved minors and trusts for those aged 18 to 25 as well as excluded property including property situated outside the UK where the person beneficially entitled to it is not an individual and is not a long-term resident of the UK.
An estate can include items such as property assets including bank accounts and possessions. Inheritance tax...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
