Question to the HM Treasury:
To ask Her Majesty’s Government whether they will list all the exemptions from inheritance tax.
A full list of all inheritance tax reliefs and exemptions was published by the Office of Tax Simplification as part of their review into tax reliefs[1].
The list is as follows:
Relief/exemption title |
A&M trusts, Bereaved Minor Trusts, 18-25 Trusts, Pre-78 Protective Trusts, Pre-81 Disabled Trusts and Employee Benefit Trusts |
Acceptance in Lieu |
Agricultural property relief |
Allowance for other tax liabilities |
Alternatively secured pension funds - deferral of charge |
Annual exempt amount (£3,000) |
Armed forces - death in service |
Armed forces - medals and decorations for gallantry or valour |
Business property relief |
Cash options under approved annuity schemes |
Changes to the deceased's estate |
Charge on participators in close companies |
Chevening Estate & Apsley House |
Co-morientes (simultaneous deaths) |
Compensation paid to Nazi victims |
Conditional exemption |
Conditional exemption and relevant property trusts |
Corporation sole |
Dispositions allowable for income tax |
Dispositions for benefit of employees |
Dispositions for maintenance of family |
Dispositions in respect of pension benefits |
Dispositions in respect of pensions |
Dispositions not intended to provide gratuitous benefit |
Double charges relief |
Double taxation agreements |
Employee-ownership trusts |
Estate duty on gifts to the nation |
Estate duty transitional |
Excluded property |
Exclusion of benefit reserved by donor |
Expenses occurred abroad |
Failed PETs gifted for national purposes |
Fall in value relief for transfers within 7 years of death |
Foreign armed forces pay and moveable property |
Foreign currency accounts |
Foreign-owned works of art |
Funeral expenses |
Gifts for national purposes |
Gifts of land to housing associations |
Gifts on marriage and civil partnership |
Gifts to charities |
Gifts to political parties |
Government savings of persons domiciled in the Channel Islands or the Isle of Man |
Government securities owned by non-United Kingdom domiciled persons |
Grant of agricultural tenancy |
Heritage maintenance funds |
Land in habitat schemes |
Leftover alternatively secured pension funds paid to charity |
Life tenant becoming entitled to settled property |
Lloyd’s premium trusts |
Loss on sale relief (buildings) |
Loss on sale relief (shares) |
Newspaper and employee trusts |
Nil rate band for chargeable transfers not exceeding the threshold (£325,000) |
No gratuitous benefit and grants of agricultural tenancy (temporary charitable trusts) |
Normal gifts out of income |
Open ended investment companies and authorised unit trusts |
Overseas pensions |
Payment of income |
Payment of income (temporary charitable trusts) |
Pension schemes |
Potentially exempt transfers |
Private treaty sales |
Property held on trust for bereaved minors or person aged 18-25 |
Quick succession relief |
Reduced rate of tax for relevant property charges |
Reduced rate of tax for temporary charitable trusts charges |
Registered pension schemes trust charges |
Reversionary interests |
Reverter to settlor |
Reverter to settlor's spouse |
Scottish agricultural leases |
Small gifts exemption |
Spouse / civil partner relief |
Taper relief |
Trade or professional compensation funds |
Transfer to employee trusts |
Transferable nil rate band |
Trust property becomes excluded property |
Trust property distributed in first quarter of the year |
Trustees costs and expenses |
Trustees costs and expenses (temporary charitable trusts) |
Trustees costs, payment of income, no gratuitous benefit, grants of agricultural tenancy and reduced rate of charge for A&M trusts, Bereaved Minor Trusts, 18-25 Trusts, Newspaper and Employee Trusts, Pre'78 Protective Trusts & Pre 81 Disabled Trusts |
Trusts with vulnerable beneficiaries - annual limit |
Unilateral double taxation relief |
Voidable transfers |
Waiver of dividends |
Waiver of remuneration |
Woodland relief |
[1] The OTS report and full list of reliefs, allowances and exemptions is available at https://www.gov.uk/government/publications/tax-reliefs-review