Wendy Walton and Gemma Davies consider recent developments in the private client arena, including the new offshore disclosure facilities and HMRC’s managing serious defaulters programme.
Limiting the deduction of liabilities for IHT purposesCurrently loans that are outstanding on death can usually be deducted from the value of the estate in determining the IHT payable. Under the new rules set out in the Finance Bill 2013 (strictly Finance (No. 2) Bill 2013) a deduction for a liability will only be allowed to the extent it is repaid to the creditor.
A deduction for an outstanding loan will be much more closely tied to the asset that has been purchased with the...
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