Inheritance tax: another day, another government U-turn
IHT treatment of specialty debts
The government has back-pedalled on a controversial decision on inheritance tax after widespread criticism. HMRC came under fire when it decided that a type of debt which had historically been exempt from inheritance tax would now be subject to it – going against centuries of legal precedent.
After discussions with professional bodies, it has now changed its position again – though things still aren’t back to how they were before. Let’s take a look at what’s going on.
What’s the history?
The controversy relates to a type of debt called a ‘specialty debt’, which is one owed to someone who is not domiciled in the UK. It’s a kind of debt created by a deed or a seal, not just a normal contract.
Historically, such debts, when owed to a non-dom, have been exempt from UK inheritance tax if the document recording the debt is …
Preparing effectively for your job interviews can assist you feel substantially much less like you are stepping off a cliff into the unknown! At some point you will have to let go, and understand to trust other people to handle some components of your business so that you can look immediately after the rest. It’s turn out to be less difficult for a layperson to keep track of a business’ finance with the advent of uncomplicated bookkeeping computer software, such as QuickBooks, Quicken, and Microsoft Office Tiny Company Accounting. See who else is on the roster and verify no matter if the accountant is affiliated with a larger national firm that can aid on intricate difficulties.
