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Inheritance Tax

Answer

A full list of all inheritance tax reliefs and exemptions was published by the Office of Tax Simplification as part of their review into tax reliefs^[1].

The list is as follows:

Relief/exemption title

A&M trusts, Bereaved Minor Trusts, 18-25 Trusts, Pre-78 Protective Trusts, Pre-81 Disabled Trusts and Employee Benefit Trusts

Acceptance in Lieu

Agricultural property relief

Allowance for other tax liabilities

Alternatively secured pension funds - deferral of charge

Annual exempt amount (£3,000)

Armed forces - death in service

Armed forces - medals and decorations for gallantry or valour

Business property relief

Cash options under approved annuity schemes

Changes to the deceased's estate

Charge on participators in close companies

Chevening Estate & Apsley House

Co-morientes (simultaneous deaths)

Compensation paid to Nazi victims

Conditional exemption

Conditional exemption and relevant property trusts

Corporation sole

Dispositions allowable for income tax

Dispositions for benefit of employees

Dispositions for maintenance of family

Dispositions in respect of pension benefits

Dispositions in respect of pensions

Dispositions not intended to provide gratuitous benefit

Double charges relief

Double taxation agreements

Employee-ownership trusts

Estate duty on gifts to the nation

Estate duty transitional

Excluded property

Exclusion of benefit reserved by donor

Expenses occurred abroad

Failed PETs gifted for national purposes

Fall in value relief for transfers within 7 years of death

Foreign armed forces pay and moveable property

Foreign currency accounts

Foreign-owned works of art

Funeral expenses

Gifts for national purposes

Gifts of land to housing associations

Gifts on marriage and civil partnership

Gifts to charities

Gifts to political parties

Government savings of persons domiciled in the Channel Islands or the Isle of Man

Government securities owned by non-United Kingdom domiciled persons

Grant of agricultural tenancy

Heritage maintenance funds

Land in habitat schemes

Leftover alternatively secured pension funds paid to charity

Life tenant becoming entitled to settled property

Lloyd’s premium trusts

Loss on sale relief (buildings)

Loss on sale relief (shares)

Newspaper and employee trusts

Nil rate band for chargeable transfers not exceeding the threshold (£325,000)

No gratuitous benefit and grants of agricultural tenancy (temporary charitable trusts)

Normal gifts out of income

Open ended investment companies and authorised unit trusts

Overseas pensions

Payment of income

Payment of income (temporary charitable trusts)

Pension schemes

Potentially exempt transfers

Private treaty sales

Property held on trust for bereaved minors or person aged 18-25

Quick succession relief

Reduced rate of tax for relevant property charges

Reduced rate of tax for temporary charitable trusts charges

Registered pension schemes trust charges

Reversionary interests

Reverter to settlor

Reverter to settlor's spouse

Scottish agricultural leases

Small gifts exemption

Spouse / civil partner relief

Taper relief

Trade or professional compensation funds

Transfer to employee trusts

Transferable nil rate band

Trust property becomes excluded property

Trust property distributed in first quarter of the year

Trustees costs and expenses

Trustees costs and expenses (temporary charitable trusts)

Trustees costs, payment of income, no gratuitous benefit, grants of agricultural tenancy and reduced rate of charge for A&M trusts, Bereaved Minor Trusts, 18-25 Trusts, Newspaper and Employee Trusts, Pre'78 Protective Trusts & Pre 81 Disabled Trusts

Trusts with vulnerable beneficiaries - annual limit

Unilateral double taxation relief

Voidable transfers

Waiver of dividends

Waiver of remuneration

Woodland relief

[1] The OTS report and full list of reliefs, allowances and exemptions is available at https://www.gov.uk/government/publications/tax-reliefs-review

Secondary information

Type

Written question

Reference

HL5197

Session

2014-15

Subjects

Exemptions Inheritance tax Tax allowances

Contains statistics

Yes

Link

View this Written question on www.parliament.uk