Loan write-off and IHT - tax reliefs - Contractor UK Bulletin Board

Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

CDJ replied

8 January 2021, 11:03
Originally posted by goldfish View Post

I am considering having EBT loans written off by the trustees. HMRC's position is that the trust is s72 and IHT when the loans are written off. Are there any tax reliefs available for IHT (e.g. voluntary pension payments, SEIS/EIS)? Is the IHT payable immediately or is it included in the year-end tax self assessment?

IHT from Trusts is pretty complex - so I would definitely seek professional advice. This is potentially something the Trustee can assist with, but you may be better off speaking to a big accountant or finding an IHT tax expert via google for an independent view. I certainly wouldn't take HMRC's word for it that IHT is owed (my particular EBT Trustee has told us that the trust would be liable for IHT so are somewhat reluctant to write-off my loans, and even then are unconvinced that any IHT charge arises in this particular case).
Leave a comment:
goldfish started a topic Loan write-off and IHT - tax reliefs

7 January 2021, 18:17
Loan write-off and IHT - tax reliefs

I am considering having EBT loans written off by the trustees. HMRC's position is that the trust is s72 and IHT when the loans are written off. Are there any tax reliefs available for IHT (e.g. voluntary pension payments, SEIS/EIS)? Is the IHT payable immediately or is it included in the year-end tax self assessment?
Tags: None

Working...

X