IHT Changes of Importance to Executors
Date online: 12/08/2011
Changes by HM Revenue and Customs to the disclosure requirements for executors have come into effect. These apply to deaths occurring from 1 March 2011.
The first change is that where the deceased gave gifts which exceed the annual ‘Inheritance Tax (IHT) free’ threshold of £3,000 a year, these must now be included on the IHT return. Previously, where these were gifts out of income (i.e. made with some regularity and not affecting the standard of living of the donor) they did not need to be included.
The second change is that, in most circumstances, there will be no need to make a return when the deceased’s estate is less than the IHT threshold because of the use of their deceased spouse’s or civil partner’s IHT exemption on their earlier death.
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