Recent updates to the Inheritance Tax Manual

6th June 2008

HMRC have amended the inheritance tax manual.

Below are details of the amendments that were published on 4 June 2008 (see the update index for all updates)

IHTM05055
Amendments have been made to this page and others in this section to take account of the need to get a reference for all tax-paying IHT accounts before submitting the account to us.

IHTM29000 onwards
This section of the manual has been substantially rewritten to provide more thorough guidance on the recording of yield and interest yield for all staff working in IHT

IHTM29150 onwards
New pages have been added to give guidance on general IHT Governance practices, and the Independent Validation and High-Yield review procedures.

IHTM34140
The Bermuda Stock Exchange has been added to the list of foreign stock exchanges on which investments will qualify for the purposes of loss on sale of shares relief, with effect from 4 December 2007

IHTM36023
This guidance has been amended to include detailed instructions for calculating penalties under section 245(4A)

IHTM36166
This guidance has been amended to show that

we cannot now collect penalties from the personal representatives of an individual who was liable to a penalty but died before the issue was resolved, and

any such penalties already collected need to be repaid.

IHTM40001
This guidance has been amended to show our current practice of notifying customers that we have no further enquiries