Clarity on IHT position?

[meanttobeworking]

I settled a pre-2010 loan scheme enquiry in early 2016. The settlement terms said (roughly, need to find the papers to confirm) "IHT may be due at some later date".

I have bounced around several HMRC departments trying to find answers on the IHT implications of getting the loans written off, but nobody even seems to understand the question, let alone be able to offer reasonable answers.

Is anyone closer to answers than me?

[meanttobeworking]

26 hours, 79 views and 0 replies leads me to think the answer is "no"

[malvolio]

Back in the early days of the whole EBT and related schemes discussions, it was one option that if you had an unsatisfied tax position on the back of a loan-based arrangement, HMRC would take their slice out of your estate on your death. I do not recall that option being closed off.

It's really a question for someone with some very specific knowledge I feel

[eek]

Back in the early days of the whole EBT and related schemes discussions, it was one option that if you had an unsatisfied tax position on the back of a loan-based arrangement, HMRC would take their slice out of your estate on your death. I do not recall that option being closed off.

It's really a question for someone with some very specific knowledge I feel

+1 - it's the sort of thing only webberg could answer and he's been chased away over the years. So find a specialist and ask them...

[meanttobeworking]

+1 - it's the sort of thing only webberg could answer and he's been chased away over the years. So find a specialist and ask them...

Shame - he always seemed pretty decent and transparent

[malvolio]

Shame - he always seemed pretty decent and transparent

Yeah, well we have a small coterie who do not like getting bad news or honest opinions if they contradict their own beliefs... Although that is hardly unusual!

[eek]

Yeah, well we have a small coterie who do not like getting bad news or honest opinions if they contradict their own beliefs... Although that is hardly unusual!

Let's be honest to survive on here giving advice you do need a very thick skin...

[DealorNoDeal]

I suspect HMRC were only ever interested in the income tax. Once you've settled that, I doubt you'd ever hear from them again.

If it was me, I'd forget about it.

[eek]

I suspect HMRC were only ever interested in the income tax. Once you've settled that, I doubt you'd ever hear from them again.

If it was me, I'd forget about it.

While you are probably right - you have to remember that HMRC is made up of different departments who often compete with each other.

It's perfectly possible that the IHT team could need to look for some money at some point and target some unsuspecting people...

[DealorNoDeal]

It's perfectly possible that the IHT team could need to look for some money at some point and target some unsuspecting people...

As I understand it, only certain types of trusts are liable to IHT, and isn't there a threshold below which you don't have to pay anything?

Anyhow, the worst that could happen is you'd have to pay it, and I imagine the amounts involved would be minor compared to the income tax.

I certainly wouldn't be chasing around HMRC trying to pay something that they don't seem to have a clue about.