HMRC contacting trusts over tax return errors

by | Sep 24, 2026 | Inheritance Tax

HMRC is contacting some trustees after identifying possible errors in recent Trust and Estate tax returns relating to the type of trust being reported. The latest HMRC compliance campaign focuses on trusts where box 8.15 of the Trust and Estate Tax Return was ticked...

Could you save tax by making a Deed of Variation?

by | Aug 10, 2026 | Inheritance Tax

After someone dies, the beneficiaries may find that the way an estate has been distributed does not reflect their wishes or the family’s circumstances. A Deed of Variation can allow beneficiaries to change how inherited assets are passed on and, in some cases,...

IHT – gifts made with reservation of benefits

by | May 28, 2026 | Inheritance Tax

Most lifetime gifts are treated as potentially exempt transfers (PETs) for Inheritance Tax (IHT) purposes. In general, these gifts become fully exempt if the donor survives for seven years after making the transfer. If death occurs within seven years, the gift may...

Tax-free gifts for Inheritance Tax purposes

by | May 14, 2026 | Inheritance Tax

Making gifts during your lifetime can be an effective way to reduce the value of your estate for Inheritance Tax (IHT) purposes. One of the most commonly used exemptions is the annual exemption. This allows an individual to give away up to £3,000 each tax year...