You might have seen that the Office of Tax Simplification (OTS) released its first report on inheritance tax. It’s an overview of the tax and an assessment of the administrative process.
The review sets out a number of recommendations on administrative issues. The key recommendation is for the government to implement a digital system for inheritance tax, ideally one that includes probate applications.
The inheritance tax review has drawn on an unprecedented level of comments and suggestions received from both advisers and the general public. They also consulted a range of organisations including Octopus Investments. You can read the full report, including a full summary of recommendations here.
The OTS is set to follow up with a second paper in the New Year, covering more complex areas of inheritance tax.
We’re committed to making matters of inheritance tax as straightforward as possible. That’s why we built our IHT calculator. It’s a useful starting point to see if an estate will be subject to a liability.