Are you clear on the theory behind inheritance tax calculations, but lost when it comes to actually making the calculations? Come to my MBL Seminars Ltd course on Friday afternoon! We will be looking at the precise steps required to get you from theory to the calculation of the eventual IHT including dealing with CLTs and PETs in life, the practical application of business and agricultural relief and charitable donations... it will be fun 😀
Good news for those wishing to rely on the Conditional Exemption Tax Incentive Scheme for buildings, land, works of art and other objects that qualify; leading to an exemption from UK IHT and CGT as long as they are open/viewed by the public for a certain minimum period in the tax year. Due to the COVID-19 lockdown, HMRC have confirmed that they will not consider the conditions broken if the national heritage property is closed, or delays its opening to later in 2020. This will apply even if some periods covered by the agreement are missed, or that it does not open at all in 2020. When the government advice on the lockdown changes, HMRC will expect the property to be open later in the year to make up for any lost days, if possible.
Quick message for all my CLT International STEP – Advising Families Across Generations 'UK Tax For International Clients students'... check out The Upper Tax Tribunal's decision in Davies v HMRC (2020 UKUT 67 TCC) where you will find a great discussion of the 'motive defence' we talked about in our last session together. The case shows that HMRC doesn't have to prove an allegation of tax avoidance, it is the taxpayer who must themselves prove there was no intention for avoidance.