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 …
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The job market is suffering from candidate skills shortage. People seeking employment should use a recruitment agency specializing in their sector. Working with a recruitment firm takes pressure off the seekers and make the search more fruitful. Recruiters also offer a job seeker the opportunity to work for noble employers. How do you make sure that you’ve selected the right agency?
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We’ve all experienced a time when we’re trying to enter or exit a place, and someone is either trying to get out or in. You find yourself looking up at the sign to make sure you’re in the right spot. Not everyone reads these safety signs. That’s why it’s important to read on your own instead of following a crowd. Some people engage in unsafe or hazardous activities, knowingly and unknowingly. Following these select few can lead you and themselves right to harm. Safety signs you may really want to pay attention to are exit signs, entrance signs and do not enter signs.
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