The OTS has given its second report to Parliament, recommending simplification of Inheritance Tax ...
It is a thorough review of the administration and technical aspects of Inheritance Tax, but do remember, this is not draft legislation just yet. Because of the political turmoil in and around the House of Commons, I'm still not sure which of these recommendations will be implemented.
And I'm not even sure when they'll be considered and by what colour of Government, but hopefully, once Brexit is out of the way, things will settle down with a majority Government and we can all get back to normal.
Some things the Chancellor requested the OTS to look at were considered too difficult to tackle right now and were either bounced back to ministers or handed off to HMRC to deal with separately.So the main recommendations are as follows:
There really is a lot going on here, yet I wonder how many of them would make it into legislation.
Post General Election 2019, If the Government decides to move forward with these recommend changes to Inheritance Tax, the OTS have suggested they are introduced after a certain date with no further complexity in the transitional period.
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