Office of Tax Simplification: Inheritance Tax Review
Released 23 November 2018
The Office Tax Simplification (OTS) has published its first report in a two-part review of inheritance tax (IHT) commissioned by the Chancellor in January 2018.
The OTS is undertaking this two-part review of IHT in response to the request from the Chancellor of the Exchequer in January 2018. The first report sets out an explanation of the issues and complexities of IHT, gives an overview of concerns raised by the public and professional advisors during the review and then makes recommendations. It examines the administrative issues that people complain about and which were raised in the responses. The second report covering other wider areas of concern to people will follow in Spring 2019.
The first report highlights the benefits of:
•reducing or removing the requirement to submit forms for smaller or simpler estates, especially where there is no tax to pay;
•simplifying the administration and guidance;
•the advantages of banks and other financial institutions having standardised requirements;
•automating the whole system by bringing it on-line.
View the report at Office of Tax Simplification: Inheritance Tax Review.