New IHT rules

HMRC have issued new guidance on changes to the rules on Inheritance Tax following Royal Assent of the Finance Bill 2013 on 17 July 2013 say Harris & Co chartered accountants who specialise in accountancy services for small and medium sixed businesses.

The changes cover restrictions to liabilities that can be deducted for Inheritance Tax purposes and elections to be treated as domiciled in the UK by non-UK domiciled spouses and civil partners. The guidance will eventually be incorporated in the Inheritance Tax Manual.

More details are available from HMRC.