Proposal by Philip Hammond to review “complex” inheritance tax system
Philip Hammond requests that Office of Tax Simplification (OTS) review of the “complex” inheritance tax system to ensure that the system is fit for purpose and in order to make the experience of those who interact with it as smooth as possible. The Chancellor said the review should include a focus on the technical and administrative issues with Inheritance Tax (IHT), such as the process of submitting returns and paying any tax due as well as practical issues around routine estate planning and disclosure. He also said the OTS should look at the current rules on gifting and how the rules interact with the wider IHT system, whether the current framework causes any distortions to taxpayers’ decisions surrounding transfers, investment and other relevant transactions.
If you have questions about estate planning or inheritance tax, you can contact Sophie Robinson on the details below.
Sophie Robinson is a Wills, Trusts and Probate specialist at Newcastle law firm Sintons. To speak to her about this or any other matter, contact Sophie on 0191 226 7812 or firstname.lastname@example.org.