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980118

registered interest
date	01/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inheritance Tax
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Birt
uin	HL10387
answer	answer is ministerial correction date of answer 16/10/2018 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> answering member printed Lord Bates question first answered 16/10/2018 12:33:10 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

980119

registered interest
date	01/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inheritance Tax
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Birt
uin	HL10388
answer	answer is ministerial correction date of answer 16/10/2018 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> answering member printed Lord Bates question first answered 16/10/2018 12:33:53 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

980120

registered interest
date	01/10/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inheritance Tax
house id	2
legislature	25277 pref label House of Lords
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.
tabling member printed	Lord Birt
uin	HL10389
answer	answer is ministerial correction date of answer 16/10/2018 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> answering member printed Lord Bates question first answered 16/10/2018 12:33:21 answering member 1091 label Biography information for Lord Bates
tabling member	2533 label Biography information for Lord Birt

915135

registered interest
date	01/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inheritance Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether he plans to review the thresholds on inheritance tax.
tabling member constituency	Southampton, Itchen
tabling member printed	Royston Smith
uin	148947
answer	answer is ministerial correction date of answer 11/06/2018 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> answering member constituency Central Devon answering member printed Mel Stride question first answered 11/06/2018 16:19:03 answering member 3935 label Biography information for Mel Stride
tabling member	4478 label Biography information for Royston Smith

850040

registered interest
date	26/02/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Inheritance Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, how much his Department estimates will be collected through inheritance tax in each year from 2017-18 to 2021-22.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	129608
answer	answer is ministerial correction date of answer 06/03/2018 answer text <p>The latest inheritance tax receipts forecasts for 2017/18 to 2022/23 are published in Table 4.6 of the Office for Budget Responsibility’s Economic and Fiscal Outlook publication at:</p><p><a href="http://cdn.obr.uk/Nov2017EFOwebversion-2.pdf" target="_blank">http://cdn.obr.uk/Nov2017EFOwebversion-2.pdf</a></p> answering member constituency Central Devon answering member printed Mel Stride question first answered 06/03/2018 16:15:19 answering member 3935 label Biography information for Mel Stride
tabling member	4031 label Biography information for Rachel Reeves

850041

registered interest
date	26/02/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Inheritance Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent estimate he has made of the cost to the Exchequer of lost revenue resulting from changes to inheritance tax thresholds announced in Budget 2015 in the (a) 2017-18, (b) 2018-19, (c) 2019-20 and (d) 2020-21 fiscal year.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	129609
answer	answer is ministerial correction date of answer 06/03/2018 answer text <p>At Summer Budget 2015, the government announced the introduction of a ‘residence nil rate band’ for inheritance tax when a home is passed on death to a direct descendent. It will start at £100,000 in 2017-18, increasing in £25,000 increments to £175,000 in 2020-21. This, in addition to the existing nil rate band of £325,000, will increase the inheritance tax free threshold to £500,000 for many individuals, and up to £1 million for many married couples and civil partners by 2020-21.</p><p> </p><p>The latest estimates of the cost to the exchequer of introducing the residence nil rate band from 2017-18 to 2021-22 are published in Table 2.2 of the Spring Budget 2017 official publication at:</p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/597467/spring_budget_2017_web.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/597467/spring_budget_2017_web.pdf</a></p><p> </p> answering member constituency Central Devon answering member printed Mel Stride question first answered 06/03/2018 16:11:51 answering member 3935 label Biography information for Mel Stride
tabling member	4031 label Biography information for Rachel Reeves

850042

registered interest
date	26/02/2018
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Inheritance Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent estimate he has made of how many people and estates will benefit as a result of the changes to inheritance tax thresholds announced in Budget 2015 in the (a) 2017-18, (b) 2018-19, (c) 2019-20 and (d) 2020-21 fiscal year.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	129610
answer	answer is ministerial correction date of answer 06/03/2018 answer text <p>At Summer Budget 2015, the government announced the introduction of a ‘residence nil rate band’ for inheritance tax when a home is passed on death to a direct descendent. It will start at £100,000 in 2017-18, increasing in £25,000 increments to £175,000 in 2020-21. This, in addition to the existing nil rate band of £325,000, will increase the inheritance tax free threshold to £500,000 for many individuals, and up to £1 million for many married couples and civil partners by 2020-21.</p><p> </p><p>The estimated number of estates that will benefit as a result of the residence nil rate band are in the table below:</p><p> </p><table><tbody><tr><td><p>Year</p></td><td><p>2017/ 18</p></td><td><p>2018/ 19</p></td><td><p>2019/ 20</p></td><td><p>2020/ 21</p></td><td><p>2021/ 22</p></td></tr><tr><td><p>Estimated number of estates benefitting from the residence nil-rate band phased in from 2017 (000s)</p></td><td><p>30</p></td><td><p>31</p></td><td><p>32</p></td><td><p>34</p></td><td><p>36</p></td></tr></tbody></table><p> </p><p> </p> answering member constituency Central Devon answering member printed Mel Stride question first answered 06/03/2018 16:14:29 answering member 3935 label Biography information for Mel Stride
tabling member	4031 label Biography information for Rachel Reeves

748056

registered interest
date	04/07/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Inheritance Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to encourage more financial institutions, including those based overseas, to provide support to executors and administrators of estates, including with regard to making the deceased's liquid assets available for the payment of inheritance tax prior to the grant of probate in line with the 2016 Bereavement Principles.
tabling member constituency	Greenwich and Woolwich
tabling member printed	Matthew Pennycook
uin	2724
answer	answer is ministerial correction date of answer 12/07/2017 answer text <p>UK banks’ and building societies’ treatment of their customers is governed by the Financial Conduct Authority (FCA) in its Principles of Business. This includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers, including those who have recently suffered a bereavement.</p><p> </p><p>The Government is supportive of industry efforts to improve handling of these sensitive cases, including the implementation of the British Bankers’ Association’s Bereavement Principles. These Principles commit firms to support customers and, in particular, allow necessary payments to be made from the deceased’s accounts. Such payments include inheritance tax, which can be paid directly to HM Revenue and Customs, before probate is granted, through the Direct Payment Scheme. Where lower amounts are held, the Principles also commit firms to consider whether they can waive probate requirements and release funds more quickly.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 12/07/2017 12:39:47 answering member 3935 label Biography information for Mel Stride
tabling member	4520 label Biography information for Matthew Pennycook

694193

registered interest
date	24/02/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Inheritance Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent estimate he has made of the cost to the Exchequer of lost revenue resulting from changes to inheritance tax thresholds announced in Budget 2015 in the (a) 2017-18, (b) 2018-19, (c) 2019-20 and (d) 2020-21 fiscal year.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	65490
answer	answer is ministerial correction date of answer 06/03/2017 answer text <p>At Summer Budget 2015, the Government announced the introduction of a new ‘residence nil rate band’ for inheritance tax when a home is passed on death to a direct descendent. It will start at £100,000 in 2017-18, increasing in £25,000 increments to £175,000 in 2020-21. This, in addition to the existing nil rate band of £325,000, will increase the inheritance tax free threshold to £500,000 for many individuals, and up to £1 million for many married couples and civil partners by 2020-21.</p><p> </p><p>The latest estimates of the cost to the Exchequer of introducing the residence nil rate band from 2017-18 to 2020-21 are published in Table 2.2 of the Budget 2016 official publication at: <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508193/HMT_Budget_2016_Web_Accessible.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508193/HMT_Budget_2016_Web_Accessible.pdf</a>.</p><p> </p><p>The next update to this publication is scheduled for 8 March 2017, following the Spring Budget 2017 announcements.</p> answering member constituency Battersea answering member printed Jane Ellison question first answered 06/03/2017 15:08:27 answering member 3918 label Biography information for Jane Ellison
tabling member	4031 label Biography information for Rachel Reeves

693157

registered interest
date	22/02/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Inheritance Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what forecast his Department has made for the total revenue to the Exchequer raised through inheritance tax in each year to 2020; and if he will make a statement.
tabling member constituency	Romford
tabling member printed	Andrew Rosindell
uin	65133
answer	answer is ministerial correction date of answer 02/03/2017 answer text <p>The latest inheritance tax receipts forecasts for 2016/17 to 2021/22 are published in Table 4.6 of the Office for Budget Responsibility’s <em>Economic and Fiscal Outlook</em> publication at: <a href="http://cdn.budgetresponsibility.org.uk/Nov2016EFO.pdf" target="_blank">http://cdn.budgetresponsibility.org.uk/Nov2016EFO.pdf</a>.</p> answering member constituency Battersea answering member printed Jane Ellison question first answered 02/03/2017 15:05:15 answering member 3918 label Biography information for Jane Ellison
tabling member	1447 label Biography information for Andrew Rosindell