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Overcome by complexity
Key points
- The Office of Tax Simplification review of inheritance tax is in two parts with the latest published in July.
- It make 11 recommendations broken down into four sections.
- Is it necessary to reform the gifts out of normal expenditure exemption?
- The loss of the capital gains tax uplift on death would complicate tax planning but is hard to fault on logic.
- Grossing up and the residence nil rate band were put on the ‘too difficult’ pile.
- The OTS overegged inheritance tax’s complexity.
In January 2018 the Chancellor of the Exchequer requested that the Office of Tax Simplification (OTS) carry out a review of inheritance tax to identify simplification opportunities.
In the event the task proved a momentous one. The OTS said there was an ‘unprecedented level of engagement’ which included nearly 3 000 responses to an online survey 500 emails and 100 written responses possibly driven by what the OTS described as inheritance...
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