In its first report from November 2018, the Office of Tax Simplification (OTS) highlighted the significant difference the number of IHT forms submitted each year (275,000), and the number that resulted in inheritance tax (IHT) being due (24,500), highlighting the administrative burden of the current system.
In its second report, the OTS provides suggestions of how the system could be made easier to understand, more intuitive, and simpler to operate.
Recommendations
Lifetime Gifts
A number of IHT reliefs/exemptions apply on gifts made during a person’s life. The OTS note that these can be confusing and difficult to apply, and have therefore made the following recommendations:
1 - Replacement of several monetary gift exemptio...
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