This paper provides a summary description of the structure of inheritance tax (IHT) and the main reliefs which are available.
Inheritance Tax : a basic guide (709 KB, PDF)
Further to this paper, HM Revenue & Customs (HMRC) provide guidance on inheritance tax on Gov.uk.[1] Detailed technical guidance on the law is given in HMRC’s manual on the tax. HMRC also operate an enquiry service for those with questions about inheritance tax or probate.[2]
A second Library paper looks at the historical development of the tax and recent debates as to its potential reform.[3]
Notes
[1] HMRC, Inheritance Tax: detailed information, ret’d March 2021
[2] HMRC, Inheritance Tax: general enquiries, ret’d March 2021. HMRC’s phoneline is Tel. 0300 123 1072. Open Monday to Friday 8am to 5pm.
[3] Inheritance Tax, Commons Briefing paper CBP93, 5 July 2019
Inheritance Tax : a basic guide (709 KB, PDF)
A look at how UK pensions compare with those in other countries. The note compares the UK state pension with similar systems in Europe and goes on to look more broadly at the structural differences in the sources of pensioner income across economically advanced countries.
The Chancellor Rishi Sunak presented the 2021 Budget on 3 March, and the Finance (No.2) Bill 2019-21 was published on 11 March. The Bill's second reading is set provisionally for 13 April.
This paper gives a brief summary of the structure of inheritance tax before looking at the debates there have been about the tax in recent years.
