Published: 29/08/2019 By Thomas
The Office of Tax Simplification has published its second report on the simplification of inheritance tax. It's recommendations include:- Replacing the various small gift allowances and the regular gifts out of income exemption with a single increased annual gift allowance.
- Reducing the period during which lifetime gifts can be taxed on death from seven years to five years and abolishing taper relief.
- Removing the capital gains tax-free uplift on death for assets which qualify for an inheritance tax relief or exemption. The recipient will instead inherit the deceased's base cost history.
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