Tinkering with inheritance tax
Recommendations by the Office of Tax Simplification to streamline inheritance tax are not fundamental reform but are welcome, says Matthew Duncan
23 Oct 2019
The Office of Tax Simplification (OTS) has published its second report following its independent review of the main complexities and technical issues arising from the way inheritance tax (IHT) works.
The review makes 11 recommendations. The OTS states its recommendations could “streamline gift exemptions [and] change the way the tax works in relation to lifetime gifts” making it simpler and more intuitive.
While the OTS makes various sensible and welcome recommendations, some will give practitioners pause for thought and, if implemented, will require a review of clients’ existing wills and succession planning.
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