The Office of Tax Simplification (OTS) is reviewing the inheritance tax (IHT) regime to identify whether unnecessary complexities exist, and has issued a public call for views and evidence.

The scope of the review is focused on compliance with the rules and administering estates, calculating and paying IHT, rather than rates and exemptions.

The review is covering a range of topics, including:

  • Payment and filing deadlines.
  • The administrative and compliance burden for estates where no IHT is due.
  • The interaction between paying IHT and obtaining the grant of probate.
  • Valuations and record-keeping and costs thereof.
  • Complexities in the rules for lifetime gifts.
  • Operation of business and agricultural reliefs and complexities in relation thereto.

The OTS’s report of its findings is expected in the autumn of 2018.

If you would like to discuss inheritance tax, probate and estate administration, or estate planning generally please contact our private client team on 01788 539000.