13th June 2018

Prudential: And so it begins…

Following Philip Hammond’s letter to the Office of Tax Simplification (OTS) asking for a review of Inheritance Tax, a consultation has been issued to gather information and to look into opportunities to simplify it. Graeme Robb, Senior Technical Manager at Prudential looks into it further. 

After publication of the IHT Review Scoping paper in February 2018, the OTS published an on-line survey on 27 April 2018 along with a ‘Call for evidence’ document. Both invite individual members of the public, as well as professional advisers and representative groups, to answer questions and give information about the existing legislative framework and HMRC’s administrative processes.

This is the first time that the OTS has issued a survey to the public and it is welcoming views from everyone with an interest, including those who have gone through the process of establishing an IHT liability when a relative has died or as executor of a will.

Read the full article here.

Tax, Trust & ISA