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1135096
star this property registered interest false more like this
star this property date less than 2019-06-26more like thismore than 2019-06-26
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Inheritance Tax remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to scrap the inheritance tax 40 per cent excess policy above an individual's £325,000 allowance. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL16723 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-07-09more like thismore than 2019-07-09
unstar this property answer text <p>Inheritance tax makes an important contribution to the health of public finances and the Government has no plans to abolish it.</p><p> </p><p>The rate of inheritance tax is normally 40% on the value of an estate above a nil rate band of £325,000. Any unused nil rate band may be transferred to a surviving spouse or civil partner, increasing their combined threshold to up to £650,000.</p><p> </p><p>However, the Government recognises that individuals work hard to build up assets with the aim of passing these on to their families. Rising house prices have contributed to more families facing an inheritance tax bill. The Government is addressing this through the phased introduction of the additional £175,000 residence nil rate band. Any unused residence nil rate band may also be transferred to a surviving spouse or civil partner.</p><p> </p><p>Taken together, the combination of the nil rate bands means an individual could pass on up to £500,000 in 2020-21 and the estate of the remaining spouse or civil partner could pass on up to £1 million under certain circumstances in 2020-21. Around 96% of estates are forecast to be able to pass on all their assets without paying any inheritance tax as a result.</p><p> </p><p>In January 2018, the Chancellor of the Exchequer commissioned the Office of Tax Simplification to review the tax. The first report was published in November 2018 and the second report in July 2019. The Government will consider the recommendations.</p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-07-09T16:39:20.767Zmore like thismore than 2019-07-09T16:39:20.767Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
1131999
star this property registered interest false more like this
star this property date less than 2019-06-13more like thismore than 2019-06-13
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Inheritance Tax remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, when he plans to respond to the Office of Tax Simplification's November 2018 report on inheritance tax. more like this
star this property tabling member constituency East Londonderry more like this
star this property tabling member printed
Mr Gregory Campbell more like this
star this property uin 264345 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-06-18more like thismore than 2019-06-18
unstar this property answer text <p>The first report on Inheritance Tax published by the Office of Tax Simplification (OTS) in November 2018 made a number of recommendations to simplify the administration of the tax. The OTS has committed to publishing a second report in 2019 on simplifying the tax from a technical and design standpoint and the Government will consider their recommendations carefully. Any policy changes to Inheritance Tax will be considered by the Chancellor at fiscal events.</p><p> </p> more like this
star this property answering member constituency Hereford and South Herefordshire more like this
star this property answering member printed Jesse Norman more like this
star this property question first answered
less than 2019-06-18T07:56:23.077Zmore like thismore than 2019-06-18T07:56:23.077Z
star this property answering member
3991
star this property label Biography information for Jesse Norman more like this
star this property tabling member
1409
unstar this property label Biography information for Mr Gregory Campbell more like this
1064412
star this property registered interest false more like this
star this property date less than 2019-02-20more like thismore than 2019-02-20
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Inheritance Tax remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what estimate his Department has made of (a) the number of beneficiaries of the main residence nil rate band of Inheritance Tax exemption in 2018, (b) where those beneficiaries are located and (c) what is the average income of those beneficiaries was. more like this
star this property tabling member constituency Bootle more like this
star this property tabling member printed
Peter Dowd more like this
star this property uin 223937 more like this
star this property answer
answer
unstar this property is ministerial correction true more like this
star this property date of answer less than 2019-02-25more like thismore than 2019-02-25
unstar this property answer text <p>I refer the Hon. Member to the answer that I gave on <ins class="ministerial">6 March</ins> <del class="ministerial">26 February</del> 2018 to the Hon. Member for Leeds West for the number of beneficiaries of the main residence nil rate band.</p><p> </p><p>Estimates of the location and average income of beneficiaries of the main residence nil rate band in 2018 are not readily available and could only be provided at a disproportionate cost.</p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property question first answered
less than 2019-02-25T17:20:11.02Zmore like thismore than 2019-02-25T17:20:11.02Z
star this property question first ministerially corrected
less than 2019-03-19T13:21:59.553Zmore like thismore than 2019-03-19T13:21:59.553Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
star this property previous answer version
104359
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
star this property tabling member
4397
unstar this property label Biography information for Peter Dowd more like this
1064416
star this property registered interest false more like this
star this property date less than 2019-02-20more like thismore than 2019-02-20
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Inheritance Tax remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, how many claims were made for Inheritance Tax relief on business assets in 2018, what the average amount was of those claims; and what the average income was of the claimants. more like this
star this property tabling member constituency Bootle more like this
star this property tabling member printed
Peter Dowd more like this
star this property uin 223941 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-25more like thismore than 2019-02-25
unstar this property answer text <p>Claims qualified for Inheritance Tax exemption on agricultural property relief (APR) and business property relief (BPR) in 2018/19 are currently unavailable.</p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property grouped question UIN 223935 more like this
star this property question first answered
less than 2019-02-25T17:40:15.08Zmore like thismore than 2019-02-25T17:40:15.08Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
star this property tabling member
4397
unstar this property label Biography information for Peter Dowd more like this
1017189
star this property registered interest false more like this
star this property date less than 2018-11-29more like thismore than 2018-11-29
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Inheritance Tax remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, when he plans to respond to the Office of Tax Simplification's November 2018 report on inheritance tax. more like this
star this property tabling member constituency East Londonderry more like this
star this property tabling member printed
Mr Gregory Campbell more like this
star this property uin 197355 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-12-04more like thismore than 2018-12-04
unstar this property answer text <p>The Office of Tax Simplification (OTS) has split their review of inheritance tax into two reports. The report that was published in November covered administrative issues. The second report will be published in spring, and will cover wider technical and policy issues.</p><p> </p><p>Once the second report is published, the government will respond to the recommendations the OTS has made.</p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property question first answered
less than 2018-12-04T17:25:39.427Zmore like thismore than 2018-12-04T17:25:39.427Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
star this property tabling member
1409
unstar this property label Biography information for Mr Gregory Campbell more like this
980118
star this property registered interest false more like this
star this property date less than 2018-10-01more like thismore than 2018-10-01
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Inheritance Tax remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, from the date they are first received, what is the current average time taken by HMRC to agree the IHT400 return calculations for estates in the bands (1) up to £1 million, (2) from £1–5 million, and (3) from £5–10 million; and in each band, what is the average time taken to issue a clearance. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL10387 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-10-16more like thismore than 2018-10-16
unstar this property answer text <p>HMRC cannot provide average times or break the data down into bands for the value of the estate as this information is not readily available and could only be compiled at disproportionate cost.</p><p> </p><p>Since 6 April 2018 over 95% of IHT400 returns submitted to HMRC were processed within 15 working days of receipt.</p><p><strong> </strong></p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-10-16T12:33:10.127Zmore like thismore than 2018-10-16T12:33:10.127Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt more like this
980119
star this property registered interest false more like this
star this property date less than 2018-10-01more like thismore than 2018-10-01
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Inheritance Tax remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what is the average time taken by the Valuation Office to provide advice to HMRC on estates valued in the bands (1) up to £1 million, (2) from £1–5 million, and (3) from £5–10 million. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL10388 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-10-16more like thismore than 2018-10-16
unstar this property answer text <p>The Valuation Office Agency does not hold the information requested.</p><p> </p><p>In 2017-18, the VOA cleared its initial appraisals of inheritance tax cases, referred to it by HMRC, within an average of five working days, meeting its target.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-10-16T12:33:53.23Zmore like thismore than 2018-10-16T12:33:53.23Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt more like this
980120
star this property registered interest false more like this
star this property date less than 2018-10-01more like thismore than 2018-10-01
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Inheritance Tax remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what is the current average time taken to provide a full and final response to executors once the Valuation Office has provided its advice to HMRC. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL10389 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-10-16more like thismore than 2018-10-16
unstar this property answer text <p>HMRC does not hold this information. Once Valuation Office Agency has provided advice, HMRC seek to write to the executor within 15 days of receiving that advice.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-10-16T12:33:21.737Zmore like thismore than 2018-10-16T12:33:21.737Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt more like this
915135
star this property registered interest false more like this
star this property date less than 2018-06-01more like thismore than 2018-06-01
star this property answering body
Treasury remove filter
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
unstar this property answering dept sort name Treasury more like this
star this property hansard heading Inheritance Tax remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask Mr Chancellor of the Exchequer, whether he plans to review the thresholds on inheritance tax. more like this
star this property tabling member constituency Southampton, Itchen more like this
star this property tabling member printed
Royston Smith more like this
star this property uin 148947 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-06-11more like thismore than 2018-06-11
unstar this property answer text <p>Inheritance tax thresholds are rising thanks to the introduction of the residence threshold last year. This will continue to rise to give married couples a £1m threshold by 2020-21.</p> more like this
star this property answering member constituency Central Devon more like this
star this property answering member printed Mel Stride more like this
star this property question first answered
less than 2018-06-11T16:19:03.697Zmore like thismore than 2018-06-11T16:19:03.697Z
star this property answering member
3935
star this property label Biography information for Mel Stride more like this
star this property tabling member
4478
unstar this property label Biography information for Royston Smith more like this