Inheritance tax: relevant property trusts: key concepts

This practice note explains the key concepts which make up the calculation of inheritance tax charges in a relevant property trust.

We are reviewing this note in the light of HMRC's second consultation on simplifying the inheritance tax charges in relevant property trusts and the announcement in the Autumn Statement 2013 that the Finance Bill 2014 will include legislation to simplify filing and payment dates in relevant property trusts and to treat undistributed income as capital after five years.  The government will consult further on proposals to split the IHT nil rate band between trusts, with a view to implementing this in 2015 (see Private client tax legislation tracker 2013-14: IHT: Simplifying calculations for relevant property trusts).

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