Inheritance Tax General Simplification Review
Since Inheritance Tax was introduced in its current form it has been subject to continuous change.
The increase in house prices coupled with the changing economic and social landscape has seen an uplift in the number of individuals who are concerned or confused over whether or not they will fall within the scope of the tax.
To counter this, the Chancellor has instructed the Office of Tax Simplification to carry out a review on a range of Inheritance tax aspects which will form part of its remit to simplify the tax system.
The aim of the review will be to develop recommendations to present to the Chancellor for simplifying Inheritance Tax from both a technical and administrative point of view.
Scope of the Review
The Office of Tax Simplification’s review will analyse a number of areas including:
- the way in which Inheritance Tax returns are submitted;
- interaction of Inheritance Tax with other taxes such as Capital Gains Tax;
- the various rules relating to gifts and expenditure out of income;
and theperception of the complexity of the Inheritance Tax system. The Office of Tax Simplification will publish a report in the autumn 2018 setting these out.
If you have any queries regarding Inheritance Tax or Estate Planning, please do not hesitate to contact Andrew Strain and our Private Client Department on 020 7323 5000
Useful Link – Office of Tax Simplification