Inheritance tax reduction
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.
Date: 30th April, 2012
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