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Proposed inheritance tax reforms

03 March 2020 / Helen Jones
Issue: 4734 / Categories: Comment & Analysis
Is the chancellor listening?

Key points

  • An all-party parliamentary group report calls for reform of inheritance tax.
  • Residence nil rate band potentially exempt transfers gifts out of income and business and agricultural property reliefs should be abolished.
  • New rules would apply for non-domiciliaries who have been UK resident for ten out of 15 years.
  • No tax-free uplift of base cost but beneficiaries should inherit the deceased’s acquisition for capital gains tax purposes.

The all-party parliamentary group (APPG) for inheritance and intergenerational fairness published an informal report Reform of inheritance tax on 29 January 2020 (tinyurl.com/appgiht20). While many such reports are published by MPs it is interesting that it follows two reports on inheritance tax by the Office of Tax Simplification (OTS) in 2019.

Although the OTS publications addressed many...

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