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Reforming zeal?
KEY POINTS
- Inheritance tax dates back to the 17th century and a stamp tax on wills.
- The Office of Tax Simplification has been tasked with ensuring that the tax is ‘fit for purpose’.
- The current system is ‘particularly complex’ but can it be simplified?
- The residence nil rate band adds an allowance but the criteria are complex.
- Possible areas of review are trusts and the business and agricultural property reliefs.
- Could inheritance tax be replaced by a property tax?
Taxation in Britain has a long history – much of it inextricably bound up with fighting wars and the territorial ambitions of assorted kings and prime ministers. Income tax for example was first implemented by William Pitt the Younger as part of his December...
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