Business
A year and a half after the former Chancellor, Philip Hammond, wrote to the Office of Tax Simplification (OTS) asking them to review inheritance tax (IHT), their second report titled ‘Simplifying the design of IHT’ was released. The OTS’ first report focussed on feedback from their consultation and ways of simplifying the administration of IHT. This report covers proposed changes to the tax itself and, though not as radical as many had predicted if adopted, it will have a major impact on IHT planning. Disclaimer: This podcast is for professional advisers only. Please note that every care has been taken to ensure that the information provided in this podcast is correct and in accordance with our understanding of current law and HM Revenue & Customs practice. You should note however that James Hay Partnership cannot take upon itself the role of an individual taxation adviser and independent confirmation should be obtained before acting or refraining from acting upon the information given. The law and HM Revenue & Customs practice are subject to change. The tax treatment depends on the individual circumstances of each client. For further information, visit the Technical Hub: www.jameshay.co.uk/technicalhub