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Inheritance Tax -- Simpler reporting arrangements extended to more estates.

Publication: M2 Presswire
Publication Date: 30-JUN-03
Format: Online - approximately 679 words
Delivery: Immediate Online Access

Article Excerpt
M2 PRESSWIRE-30 June 2003-UK Government: Inheritance Tax -- Simpler reporting arrangements extended to more estates(C)1994-2003 M2 COMMUNICATIONS LTD

RDATE:06302003

An extra 5,500 smaller estates will qualify for the simplified reporting rules for inheritance tax (IHT) following an increase in the limit from GBP220,000 to GBP240,000.

The simplified reporting rules enable executors or administrators to obtain probate without completing a full IHT return.

Executors or administrators normally have to deliver a full account to the Inland Revenue before they can get a grant of representation.

Smaller estates (known as "excepted estates") follow a much simpler procedure. This applies where the gross value...

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