IHT errors

Posted on 12 Feb 2014
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Taxman deems £600m of gifts ineligible for IHT reliefAnalysis shows that almost 2,000 people who made more than £600m in gifts have been deemed ineligible for inheritance tax relief in the past five years. While property and other assets can be gifted tax-free if the gift giver survives for at least seven years, HMRC can levy a tax charge if it discovers that the person continued to live in the property or continued to benefit from the assets given away. A total of 1,830 gifts worth £624m have been deemed a "gift with reservation of benefit" since 2016, meaning no tax break applies and the asset will be counted as part of the giver’s estate.

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