Posted by Nicola Waldman | Partner
On 6th February 2018
The Chancellor has written to the Office for Tax Simplification (OTS) asking them to review and simplify the inheritance tax (IHT) regime noting that it and the ‘system within which it operates, is particularly complex’. The OTS have been asked to look at the process of submitting returns, paying tax, routine estate planning and disclosure and the rules for gifting. So this is a very wide ranging review. At this stage, we have no idea when the report will be made and whether there will be any changes to the amounts of IHT that must be paid.