Inheritance Tax Manual

Updates: Inheritance Tax Manual

2017

published amendments

Section 1: general introduction
New section added.
Section 2: the evolution of IHT estate duty
New section added.
Section 3: general provisions
New section added.
Section 4: transfer of value in life and on death
New section added.
Section 5: relation to other Capital Taxes
New section added.
Section 6: exemption
New section added.
Section 7: revenue basis of market value - general principles
New section added.
Section 8: settled property
New section added.
Section 9: agricultural property
New section added.
Section 10: woodlands
New section added.
Section 11: relief for business property
New section added.
Section 12: falls in value and other relief for sales of land within four years after death and following vompulsory acquisitions
New section added.
Section 13: transfer within seven years before death relief for falls in market value
New section added.
Section 15: related property
New section added.
Section 14: liability of spouse or civil partner for transferor's tax including relief for falls in market value
New section added.
Section 16: shares and assets valuation
New section added.
Section 17: valuation of property subject to a land charge following an RTB discount or a renovation grant
New section added.
Section 18: undivided shares
New section added.
Section 19: partnership property
New section added.
Section 20: national heritage property
New section added.
Section 25: lotting of Items
New section added.
Section 26: reference of cases to the VOA
New section added.
Section 27: general procedures
New section added.
Section 31: prior agreement
New section added.
Section 37: appeal cases
New section added.
Practice Note 1: valuations for revenue purposes
New section added.
Practice Note 1: appendix A - Duke of Buccleuch v Commissioners of Inland Revenue (1967) IAC 506
New section added.
Practice Note 1: appendix B - Earl of Ellesmere v Commissioners of Inland Revenue, (1918) 2 KB 735
New section added.
Practice Note 1: appendix C - Lynall v Commissioners of Inland Revenue (1972) AC680
New section added.
Practice Note 1: appendix E - Alexander v Inland Revenue Commissioners (1991)
New section added.
Practice Note 1: appendix D - Commissioners of Inland Revenue v Clay and Another (Plymouth case), (1914) 3 KB 466
New section added.
Practice Note 1: appendix F - Inland Revenue Commissioners v Gray (Executor of Lady Fox deceased) (1994)
New section added.
Practice Note 2: undivided shares
New section added.
Practice Note 3: valuation of interests encumbered by tenancy or licence, the nature of encumbrance- law as at July 1994
New section added.
Practice Note 4: agricultural tenancies
New section added.
Part 1: a summary of relevant legislation (1) agricultural holdings
New section added.
Part 2 : a summary of relevant legislation (2) agricultural dwellings
New section added.
Part 3: essentials of a tenancy
New section added.
Part 4: security of tenure
New section added.
Part 5: rent reviews
New section added.
Practice note 6: full consideration in money or money's worth
New section added.
Practice note 10: agricultural relief - Inheritance Tax
New section added.
Practice note 10: part 1 - identification of agricultural property
New section added.
Practice note 10: part 2 - assessment of agricultural value
New section added.
Practice note 10: part 3 - relief given since 1981
New section added.
Appendix 1: rates of Inheritance Tax
New section added.
Appendix 2: VOA 1 request for initial VOA case approval
New section added.
Appendix 3: form VOA 2 request for full VOA evaluation
New section added.
Appendix 3A: form VOA 3 continuation form to form VOA 1 and VOA 2
New section added.
Appendix 4: form VO 1120 - VOA response to forms VOA 1 and VOA 2
New section added.
Appendix 5: form val 63 - requests from SV for formal valuations and report
New section added.
Appendix 6A: Form VO 1164 - Reporting not negotiated cases to SAV
New section added.
Appendix 6B: form VO 1165 - reporting formal cases to SAV
New section added.
Appendix 7: form cap 37 - schedule of property to be valued
New section added.
Appendix 8: form D12 - land, buildings and interest
New section added.
Appendix 9: form VO 1105 - VOA opening letters to parties
New section added.
Appendix 10: form VOA 4 - email template used by IR(CT) for communications with VOA
New section added.
Appendix 11: Form VO 1101 - Notification of valuation to parties
New section added.
Appendix 12: Form VO 1102 - Reminder to parties
New section added.
Appendix 13: Form VO 1103 - Advice to IR(CT) on state of negotiations
New section added.
Appendix 14: form VO 1110 - final report
New section added.
Appendix 15: form VO 1140 - prior agreement form
New section added.
Appendix 17: time limits and targets for IHT cases
New section added.
Appendix 18: Appeal reports: guidance notes on completion
New section added.
Appendix 19: Appeal reports - guidance notes for cases involving claims for agricultural relief
New section added.
Appendix 21: litigation general
New section added.
Appendix 22: The Special Commissioners
New section added.
Appendix 23: The Lands Tribunal
New section added.
Appendix 24: the expert's report and notes for guidance of advocate
New section added.
Appendix 25: rule 42 documents and other exhibits
New section added.
Appendix 26: VO1191 - letter requesting PD consent for hearing before commissioners
New section added.
Appendix 27: VO1193 - letter for PD consent for use at lands tribunal
New section added.
Appendix 28: related property
New section added.
Appendix 29: national heritage property, form of descriptive report
New section added.
Appendix 30: caravan parks - business relief
New section added.