Inheritance tax reduction
Date: Monday 30th April, 2012
Author: Wendy Bambrick
Profile: Wendy Bambrick
New guidance has been published by HMRC detailing how a reduced rate of inheritance tax (IHT) will be applied in cases where a donation of at least 10% of an estate is made to a registered charity. This new reduced rate will take effect from 6 April 2012, and comes into effect as a result of the Finance Bill 2012 (section 207 and Schedule 32).
A new IHT calculator has been launched which will aid in calculating the level of donation required, and the IHT manual is expected to be updated soon.
Please note that the opinions expressed in this blog represent the views of the author and not the views of Mercer & Hole.