Inheritance Tax

IHT business property relief on AIM shares can be lost easily

HG Kousouros v R O’Halloran & A Aresti, High Court (Chancery Division)

Executors of estate of Simon Verdegaal (TC3994)

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.

P Routier and CA Venables (Coulter’s Executors) v CRC, Chancery Division

J Groves (TC3974)

Will a delay in a declaration of trust mean a loss of main residence relief?

Management of farmland can be crucial to agricultural property relief claims

Highlights from the event held at the University of Warwick

Inheritance tax implications of a gift of money and the receipt of rent-free housing

How should the tax liability be calculated on a pension paid after death?

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.