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| Changes to IHT payment procedures announced |
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HMRC have announced details of changes to the inheritance tax (IHT) payments procedure where payments are made by cheque. From 5 November 2007, a new process will be introduced for making the initial payment of IHT where payment is made by cheque. From that date, the cheque must be sent in with a bank approved payslip carrying an IHT reference to HMRC's cashiers in Nottingham. This means that an IHT reference number and payslip must be obtained before form IHT200 is submitted. Taxpayers will also need to use the new process to obtain a reference number before using the Direct Payment Scheme. This change is being made predominantly in advance of IHT payments moving from Nottingham to HMRC’s Accounts Office at Shipley. It is also being made to improve security around the process of registering IHT taxpayers before an account is delivered. People needing an IHT reference number and payslip can apply online through the HMRC website, or by post, using form D21. The online option will be available on the HMRC website from 22 October 2007 at www.hmrc.gov.uk/cto/iht.htm. Form D21 can be downloaded from the HMRC website, or paper copies can be obtained from HMRC's Forms Orderline on 0845 30 20 900; option 1. There is no need to apply for a reference where an IHT 200 is required but there is no tax to pay. The completed form IHT200 etc should be sent to HMRC in the normal way. Link HMRC: Initial payment of Inheritance Tax on delivery of form IHT200
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Tuesday, 18 September 2007 | 1893 Hits |
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