Simplification of Inheritance Tax (IHT)21st June 2018 | Posted in: Pensions, Savings & Investments, Personal Tax, Planning, Regulations
The Office of Tax Simplification (OTS) have been tasked with carrying out a review of Inheritance Tax IHT) with a view to simplifying how the tax operates. IHT is perceived to be complicated and currently yields a relatively small amount of tax compared to income tax and national insurance.
There are a number of reliefs and exemptions currently available which may be withdrawn or simplified as a result of the review. Major changes to the tax are probably a year or so away and we will keep you updated as the review progresses. It may be necessary to review your Will and plans for passing on your business and estate when we see any new rules.
We will keep you updated with the progress, but in the meantime if you wish to discuss any aspect of IHT with us, please do not hesitate to call us on 0131 317 7377 when we can put you through to one of our team.