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OTS published scoping document on its simplification.
The Office of Tax Simplification (OTS) has published the scoping document for its review of inheritance tax. The call for evidence will be issued soon.
The review will consider how key aspects of the inheritance tax system work and whether and how they might be simplified. This will include a combination of administrative and technical questions such as:
- the process for submitting inheritance tax returns and paying tax including cases when it is clear from the outset that there will be no tax to pay;
- the gifts rules including the annual threshold for gifts small gifts and normal expenditure out of income as well as their interaction with each other and the wider inheritance tax framework;
- other administrative and practical issues on routine estate planning compliance and disclosure including probate procedure;
- ...
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