Inheritance Tax Review by Office of Tax Simplification

    Simpson Wood
    21st December 2018
    Home » Categories » Tax » Inheritance Tax Review by Office of Tax Simplification

    The Office of Tax Simplification (OTS) has published the first of two reports on inheritance tax.

    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. This first report 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 online
    Angela Knight CBE, OTS Chairman, said: 

    ‘Inheritance tax is both unpopular and complicated. The basic design of the tax itself is for government, but at the OTS we can address that most frequent of all comments “at least make it easier for the families to fill in the forms”. The OTS has worked on ways to address these practical complexities, which have come through loud and clear.’

    ‘The recommendations in this report will make it easier for the majority, and would mean that in future, many may not have to do the forms at all. Improving the administration of this tax in these ways is important as having to deal with the current process can seem overwhelming to people at a time when they are both preoccupied and distressed.’

    Internet link: GOV.UK OTS IHT report

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    Simpson Wood’s 2024 Golf Day

    Simpson Wood’s Golf Day was a smashing success this year, held at the picturesque Woodsome Hall on Thursday, 28th June. The event saw 32 enthusiastic competitors, organised into teams of…

    General Election – Tax Summary

    The General Election is now under two weeks away, so we thought it would be timely to summarise the tax positions of the main parties. These are proposals taken from…

    Advisory fuel rates for company cars

    New company car advisory fuel rates have been published and took effect from 1 June 2024. The guidance states: ‘you can use the previous rates for up to one month from…