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£5.1bn was collected by HMRC in last tax year.
The interaction of estate duty and IHT on objects granted exemption has been revised
Says the chair of the House of Commons Treasury select committee.
Draft regulations could further restrict tax planning options.
New rules will allow individuals to choose the law governing succession of their EU assets on death if they update their will.
A record amount of inheritance tax (IHT) was paid into the public purse during April, new figures show.
HMRC received £379m in the same month in which the Conservative party said it would raise the IHT threshold to £1m for some taxpayers – a pledge that looks set to be fulfilled in this week’s Budget.
Tax charity calls for improved guidance
The chancellor, George Osborne, has pledged to abolish the so-called death tax on pension funds, announcing measures that will allow retirement pots to sidestep the 55% due when the holder dies.
The change is scheduled to come into effect in April next year, when individuals with a drawdown arrangement or uncrystallised pension fund in a defined contribution (DC) scheme will be able to nominate a beneficiary to receive their pension.
The taxman has moved to ease red tape associated with the heritage property exemption for archives and undertakings under IHTA 1984, s 31(1)(a) and s 31(1)(aa).
An undertaking is expected to contain acceptable proposals for open public access – but the arrangements may need to be updated frequently unless the objects or collections are on long-term loan to a museum or gallery, or are in a property that is regularly open to the public.
HMRC have published a third consultation document on simplifying the inheritance tax (IHT) treatment of relevant property trust charges.
The document’s proposals aim to prevent taxpayers reducing their IHT liabilities by setting up multiple trusts for their heirs, each with a £325,000 tax-free allowance.
