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Finance Act 2014


1.This Schedule makes a number of amendments to the Inheritance Tax Act 1984 (IHTA). The Schedule:


Extends the freeze on the inheritance tax (IHT) nil-rate band at £325,000 until 2017-18.


Ensures that funds in foreign currency accounts in UK banks which are disregarded for inheritance tax (IHT) purposes in determining the value of a person’s estate on death are treated in a similar way to excluded property for the purposes of restricting the deduction of a liability.


Introduces a new provision to treat income arising in “Relevant Property” trusts which remains undistributed for more than five years as part of the trust capital when calculating the ten year anniversary charge; and


changes the dates by which trustees must deliver an Inheritance Tax (IHT) account and pay tax due for charges arising under Chapter 3 of Part 3 of IHTA.

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