Inheritance Tax - Under Review
23 November 2018
The Office of Tax Simplification (OTS) has today published the first of two reports setting out its findings following an extensive review of the current inheritance tax regime, which was commissioned by the Chancellor in January 2018. The review considers both technical and administrative aspects of the tax and has received input from the public, academics and professional advisers.
The OTS' principal recommendation is that the government implement a fully integrated digital system for inheritance tax, ideally including the ability to complete and submit a probate application online. Until such time that a digital system is up and running, the OTS suggests that HMRC make changes to the current forms to reduce and simplify the administration of estates, including introducing a very short form for the simplest estates.
Further recommendations include a general review of the guidance provided by HMRC (which has been deemed to be difficult to navigate), the streamlining of the payments and probate process and the introduction of a system issuing automated receipts following the submission of inheritance tax forms and payments.
Office of Tax Simplification: Inheritance Tax Review