Published: 29/08/2019 By ThomasThe 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.
If you would like to discuss anything regarding inheritance tax please get in touch and one of our experts will be happy to help.