IHT News Roundup: January 2025
Your monthly summary of inheritance tax news, court cases, and planning developments.
HMRC Guidance Updates
HMRC published updated guidance on:
- Valuing crypto assets for IHT purposes
- Treatment of overseas property in estates
- New IHT400 form with enhanced digital features
Notable Court Cases
Smith v HMRC [2025]: Important ruling on whether rental property qualifies as a business for business property relief purposes. The court ruled against the taxpayer, confirming that passive property rental rarely qualifies for relief.
Planning Trends
January saw increased interest in:
- End-of-tax-year gifting strategies
- Life insurance policies in trust
- Pension beneficiary reviews ahead of 2027 changes
IHT Collections
Provisional figures show IHT receipts for December 2024 at £680 million, bringing the year-to-date total to £6.1 billion - 12% higher than the same period last year.
Coming Up in February
- HMRC webinar on business property relief
- Updated probate fee structure comes into effect
- Deadline for 2023/24 deed of variation registrations
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