Summary
HM REVENUE and Customs (HMRC) is to increase the Inheritance Tax (IHT) reporting limit for certain types of gift in the tax year 2007- 8 from GBP 10,000 to GBP 200,000.
Currently, any chargeable transfer over GBP 10,000 needs to be reported to HMRC on forms IHT100 and IHT100a. These add up to 12 pages of compliance for the taxpayer.See the full content of this document
Extract
Need to Know: Revenue Cuts Iht Gift Red Tap
Julie Hutchison, Standard Life's...
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