The UK Treasury Minister, David Gauke MP has confirmed in a statement to parliament that the new Conservative government are finalising plans to introduce a transferable main residence allowance of €246,500 for each person, adding to the pre-existing nil band rate.
This will remove the main family homes out of inheritance tax for everyone except for high net worth individuals, he stated. The government will also perform a critical review of how deeds of variation are being used for tax purposes, by a report which he proposes will be ready to view later this year.
Regulations for online IHT returns
Regulations have been issued enabling HM Revenue & Customs in the UK to proceed with the plans to set up online inheritance tax returns and payments, taking effect from the 6th of July this year. They set out evidential regulations in order to determine if an electronic submission will be deemed to have occurred and if so, the date of submission.