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Inheritance tax avoidance: regulations

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The Inheritance Tax Avoidance Schemes (Prescribed Descriptions of Arrangements) Regulations, SI 2011/170, extend the disclosure of tax avoidance schemes regime (DOTAS) to inheritance tax by describing certain IHT arrangements involving transfers of property into trust which must be notified to HMRC.

They follow consultation which closed last October, and will come into force on 6 April 2011. HMRC will publish guidance and is ‘working with certain representative bodies to develop a list of existing schemes and arrangements that do not need to be disclosed’.

The Tax Avoidance Schemes (Information) (Amendment) Regulations, SI 2011/171, amend the Tax Avoidance Schemes (Information) Regulations, SI 2004/1864, to prescribe the information to be notified in relation to IHT arrangements, and the relevant time limits.