Following Chancellor Philip Hammond calling for a review of Inheritance Tax (IHT) in January 2018, the Office of Tax Simplification (OTS) has published a report with its proposed changes.
“Simplification was the name of the game for this report and that is a welcome goal,” Rachael Griffin, a tax and financial planning specialist at Quilter explained.
However, she warned “further tinkering” could have the opposite effect.
This is particularly true in relation to the new Capital Gains Tax proposals. Currently there is no CGT on death, meaning if the person inheriting it sells it immediately they won’t ...