There are a number of anomalies that prevent Estate Duty operating within publicly stated policy objectives.
In order to correct these anomalies, the government will introduce a number of technical amendments to the current legislative framework.
The amendments will put an end to the use of existing statutory provisions which allow IHT to be paid at a lower rate than Estate Duty where a charge arises following a death. They will also bring the Estate Duty provisions into line with those for lifetime transfers where HMRC can elect for either IHT or Estate Duty to be paid
Heritage assets which are lost due to the owner’s negligence will be subject to an Estate Duty charge with effect from the date of Royal Assent to Finance Bill 2016