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Financial Focus – Preparing for the new tax year
New focus on inheritance tax
The Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) for “proposals… for simplification, to ensure that the system is fit for purpose”.
The OTS has been asked to “focus on the technical and administrative issues within IHT” and also to consider “whether the current framework causes any distortions to taxpayers’ decisions surrounding transfers, investments and other relevant transactions”. This means the OTS will be looking at simplifying the rules, instead of proposing radical reforms. The Chancellor is unlikely to reduce IHT revenue, as the tax is forecasted to raise £5.4bn in 2018/19.
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