Published report recommends Inheritance Tax overhaul
The All-Party Parliamentary Group for Inheritance & Intergenerational Fairness (APPG) has published a report recommending the abolition of Inheritance Tax (IHT) and replacing it with an entirely different less complex and fairer regime. Expectations were that the report would suggest changes to simplify IHT, not a complete overhaul.
Inheritance Tax and Adult Social Care Funding
There have been two interesting announcements recently which a lot of our clients should have on their radar.
The first was a request by the Chancellor to the Office of Tax Simplification to review Inheritance Tax.
Inheritance tax receipts at record level
Revenues from Inheritance tax have increased significantly to the highest levels since the tax was introduced in 1986. The introduction of the new Main Residence Allowance in April next year may impact these figures in future years but for some people Inheritance Tax is still very much a concern.