The Office of Tax Simplification (OTS) has received a letter from Chancellor Philip Hammond, asking for a review of the current Inheritance Tax (IHT) system, to ensure it is as simple as possible for everyone involved.
Mr Hammond told the OTS that the current system in which IHT works is too complex and needs to be reviewed. He wants the OTS to ensure the system is fit for purpose, and works as efficiently as possible for those that use it.
The Chancellor wants the review to focus on looking at the technical and administrative issues regarding IHT and where it can be resolved. This includes the processing and submitting of returns and the payment of tax due.
We can offer free will writing as part of our service. Writing wills and putting policies into trust can be a way of ensuring the sum assured does not form part of the deceased’s estate and that you control the outcome, to ensure it goes to the right beneficiaries.
Call us today to arrange a meeting and we can go through your protection options with you. Or to find out more, compare quotes with us in just 3 simple steps.