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UK1.9 UK tax reporting requirements for individuals

Commentary

UK1.9.4 UK inheritance tax—compliance requirements | United Kingdom

United Kingdom

Inheritance tax (IHT), a tax on capital gifts, is typically reported and paid after an individual's death. However, there can be circumstance where an individual or trustee will be required to report a lifetime charge — see UK1.3.4.

Lifetime IHT compliance

If an individual makes an immediately chargeable lifetime transfer (such as setting up a trust) details of the transfer must be disclosed on an IHT100 return to HMRC (IHTA 1984, s 216). If an individual makes a transfer to another individual (a 'potentially exempt transfer',

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Web page updated on 28 Aug 2024 11:39