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Gambling debts and inheritance tax

Forums › ACCA Forums › ACCA ATX Advanced Taxation Forums › Gambling debts and inheritance tax

  • This topic has 1 reply, 1 voice, and was last updated 2 years ago by mrjonbain.
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  • May 12, 2023 at 9:03 am #684226
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2531
    • ☆☆☆☆☆

    I was wondering what people’s thoughts are about the following. For the exams ACCA indicates gambling debts are not a valid deduction for inheritance tax purposes. This is true in Northern Ireland but is no longer true in Scotland, England and Wales. My own view is that in practical terms it may be difficult to establish valid deduction. I have not seen this explicitly expressed.

    May 12, 2023 at 9:03 am #684227
    mrjonbain
    Moderator
    • Topics: 6
    • Replies: 2531
    • ☆☆☆☆☆

    Please see the following-

    https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm28130

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