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Where Taxpayers and Advisers Meet

When is IHT calculated if there is a change in law

Robbi
Posts:9
Joined:Sun Nov 03, 2019 6:48 pm
When is IHT calculated if there is a change in law

Postby Robbi » Sun Nov 03, 2019 11:02 pm

My father passed away this year in September. If labour gets into power in December, would my father's allowances be in accordance with Conservative government laws or change to Labour's? I know there are lengthy delays with probate, so also wandering if there is a new government between death and probate being granted if you have to abide by new IHT laws?

Thank you for any knowledge.

AGoodman
Posts:1207
Joined:Fri May 16, 2014 3:47 pm

Re: When is IHT calculated if there is a change in law

Postby AGoodman » Mon Nov 04, 2019 11:15 am

Tax laws are tied to the date of the event. Your father's death would be in accordance with the current rules.

Parliament can change things retrospectively but it hardly ever happens and I would never expect it in your circumstances.

Robbi
Posts:9
Joined:Sun Nov 03, 2019 6:48 pm

Re: When is IHT calculated if there is a change in law

Postby Robbi » Mon Nov 04, 2019 11:17 am

Thank you very much for the info, much appreciated.

strawn
Posts:54
Joined:Fri Jun 01, 2012 10:11 am

Re: When is IHT calculated if there is a change in law

Postby strawn » Tue Nov 05, 2019 2:26 am

The Labour government of the mid-70s imposed a retrospective change in estate duty/inheritance tax - Healey's new tax was called capital transfer tax (CTT).

It applied to transfers of assets by virtue of deaths after 12th March 1974 but was introduced in the Budget of Spring 1975, becoming law in the Finance Act 1975.

Robbi
Posts:9
Joined:Sun Nov 03, 2019 6:48 pm

Re: When is IHT calculated if there is a change in law

Postby Robbi » Fri Nov 22, 2019 11:11 am

Thank you for the info.


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