HMRC has published the latest edition of the Trusts and Estates newsletters. The main topics covered in the newsletter are as follows:

  • IHT Toolkit. HMRC has updated a number of relevant toolkits. Refreshed versions of both the main Trusts and Estates, and supplementary Capital Gains Tax for trusts and estates toolkits were published in April. In July, the Inheritance Tax (IHT) toolkit
    was updated and is relevant for all deaths occurring on or after 6 April 2017.
  • Professional Valuations. HMRC has recently made some amendments to their guidance on the valuation of individual items within an estate. Previous guidance across both excepted and non-excepted estate regimes varied, but broadly suggested that professional
    valuations should be sought for any individual item above £500. This amount has now been increased to £1,500.
  • Trusts register. HMRC’s online Trusts Registration Service (TRS) was launched last year. The TRS enables trustees and their agents to register trusts and complex estates online. There are registration deadlines that trustees must be aware of.
  • IHT Process – Residence Nil Rate Band. HMRC recently encountered a problem with the interactive functionality on the form IHT436 and removed the interactive version until the issue had been resolved. The issue has now been resolved and the interactive version
    has been republished.

Source: New feed