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980118
registered interest false more like this
date less than 2018-10-01more like thismore than 2018-10-01
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Inheritance Tax remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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
tabling member printed
Lord Birt more like this
uin HL10387 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-10-16more like thismore than 2018-10-16
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
answering member printed Lord Bates more like this
question first answered
less than 2018-10-16T12:33:10.127Zmore like thismore than 2018-10-16T12:33:10.127Z
answering member
1091
label Biography information for Lord Bates more like this
tabling member
2533
label Biography information for Lord Birt more like this
980119
registered interest false more like this
date less than 2018-10-01more like thismore than 2018-10-01
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Inheritance Tax remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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
tabling member printed
Lord Birt more like this
uin HL10388 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-10-16more like thismore than 2018-10-16
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
answering member printed Lord Bates more like this
question first answered
less than 2018-10-16T12:33:53.23Zmore like thismore than 2018-10-16T12:33:53.23Z
answering member
1091
label Biography information for Lord Bates more like this
tabling member
2533
label Biography information for Lord Birt more like this
980120
registered interest false more like this
date less than 2018-10-01more like thismore than 2018-10-01
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Inheritance Tax remove filter
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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
tabling member printed
Lord Birt more like this
uin HL10389 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-10-16more like thismore than 2018-10-16
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
answering member printed Lord Bates more like this
question first answered
less than 2018-10-16T12:33:21.737Zmore like thismore than 2018-10-16T12:33:21.737Z
answering member
1091
label Biography information for Lord Bates more like this
tabling member
2533
label Biography information for Lord Birt more like this
915135
registered interest false more like this
date less than 2018-06-01more like thismore than 2018-06-01
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Inheritance Tax remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, whether he plans to review the thresholds on inheritance tax. more like this
tabling member constituency Southampton, Itchen more like this
tabling member printed
Royston Smith more like this
uin 148947 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-06-11more like thismore than 2018-06-11
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
answering member constituency Central Devon more like this
answering member printed Mel Stride more like this
question first answered
less than 2018-06-11T16:19:03.697Zmore like thismore than 2018-06-11T16:19:03.697Z
answering member
3935
label Biography information for Mel Stride more like this
tabling member
4478
label Biography information for Royston Smith more like this
850040
registered interest false more like this
date less than 2018-02-26more like thismore than 2018-02-26
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Inheritance Tax remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Leeds West more like this
tabling member printed
Rachel Reeves more like this
uin 129608 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-03-06more like thismore than 2018-03-06
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> more like this
answering member constituency Central Devon more like this
answering member printed Mel Stride more like this
question first answered
less than 2018-03-06T16:15:19.257Zmore like thismore than 2018-03-06T16:15:19.257Z
answering member
3935
label Biography information for Mel Stride more like this
tabling member
4031
label Biography information for Rachel Reeves more like this
850041
registered interest false more like this
date less than 2018-02-26more like thismore than 2018-02-26
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Inheritance Tax remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Leeds West more like this
tabling member printed
Rachel Reeves more like this
uin 129609 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-03-06more like thismore than 2018-03-06
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> more like this
answering member constituency Central Devon more like this
answering member printed Mel Stride more like this
question first answered
less than 2018-03-06T16:11:51.633Zmore like thismore than 2018-03-06T16:11:51.633Z
answering member
3935
label Biography information for Mel Stride more like this
tabling member
4031
label Biography information for Rachel Reeves more like this
850042
registered interest false more like this
date less than 2018-02-26more like thismore than 2018-02-26
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Inheritance Tax remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Leeds West more like this
tabling member printed
Rachel Reeves more like this
uin 129610 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-03-06more like thismore than 2018-03-06
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 more like this
answering member printed Mel Stride more like this
question first answered
less than 2018-03-06T16:14:29.703Zmore like thismore than 2018-03-06T16:14:29.703Z
answering member
3935
label Biography information for Mel Stride more like this
tabling member
4031
label Biography information for Rachel Reeves more like this
748056
registered interest false more like this
date less than 2017-07-04more like thismore than 2017-07-04
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Inheritance Tax remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Greenwich and Woolwich more like this
tabling member printed
Matthew Pennycook more like this
uin 2724 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-07-12more like thismore than 2017-07-12
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> more like this
answering member constituency Central Devon more like this
answering member printed Mel Stride more like this
question first answered
less than 2017-07-12T12:39:47.787Zmore like thismore than 2017-07-12T12:39:47.787Z
answering member
3935
label Biography information for Mel Stride more like this
tabling member
4520
label Biography information for Matthew Pennycook more like this
694193
registered interest false more like this
date less than 2017-02-24more like thismore than 2017-02-24
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Inheritance Tax remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Leeds West more like this
tabling member printed
Rachel Reeves more like this
uin 65490 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-03-06more like thismore than 2017-03-06
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 more like this
answering member printed Jane Ellison more like this
question first answered
less than 2017-03-06T15:08:27.603Zmore like thismore than 2017-03-06T15:08:27.603Z
answering member
3918
label Biography information for Jane Ellison more like this
tabling member
4031
label Biography information for Rachel Reeves more like this
693157
registered interest false more like this
date less than 2017-02-22more like thismore than 2017-02-22
answering body
HM Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Inheritance Tax remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
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. more like this
tabling member constituency Romford more like this
tabling member printed
Andrew Rosindell more like this
uin 65133 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2017-03-02more like thismore than 2017-03-02
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> more like this
answering member constituency Battersea more like this
answering member printed Jane Ellison more like this
question first answered
less than 2017-03-02T15:05:15.343Zmore like thismore than 2017-03-02T15:05:15.343Z
answering member
3918
label Biography information for Jane Ellison more like this
tabling member
1447
label Biography information for Andrew Rosindell more like this