Latest Parliamentary thoughts on reviewing Inheritance Tax

Published: 14/02/2020
Written by Curwens Solicitors

The All-Party Parliamentary Group for Inheritance and Intergenerational Fairness (which was set up in order to encourage discussions around the work that the Office of Tax Simplification has been doing on reviewing inheritance tax (IHT) has issued a report containing radical recommendations to reform IHT.

Its key recommendations include:

  • A wholesale replacement of IHT rather than mere simplification measures, including reducing the rate of IHT to a flat rate between 10% and 20% with very few reliefs available
  • Taxing lifetime gifts when made at 10%, subject to a £30,000 annual allowance (and gifts to trusts would be taxed in the same way)
  • Abolishing domicile (and using residence instead) as the basis for determining whether IHT is charged on a worldwide estate
  • Ending the capital gains tax uplift on death so that everything passes on a no gain, no loss basis (to encourage lifetime giving)

The report highlights that less than 5% of estates pay IHT and that IHT suffers from perceived unfairness and complexity. The recommendations are intended to deal with these issues, as well as encourage intergenerational fairness.

Contact our Solicitors in Enfield, Hoddesdon & Royston

Call us on 020 8363 4444 (Enfield), 01992 463727 (Hoddesdon), 01763 241261 (Royston), or fill out our online enquiry form.

If you have any questions or queries regarding inheritance tax contact Anne Stennett 020 8363 4444. This email address is being protected from spambots. You need JavaScript enabled to view it.

Curwens: Your legal team for life.

Please note that our briefings are for informational purposes only, and do not constitute legal advice.

testimonials

GET IN TOUCH

Any data that you submit using this web form will be held by our firm as Data Controller and will be held securely for 12 months before being securely and confidentially destroyed.
Find out more
Your data will not be disclosed to any third parties without your consent or as otherwise allowed by the relevant Data Protection legislation and will only be used for responding to your query (or purposes associated with that purpose).

You have the right to be informed about what data we hold about you along with other rights set out in the legislation. Further information about your rights under the data protection legislation can be found at www.ico.org.uk

Full details can be found here

Please let us know your name.
Please enter a valid phone number
Error, invalid email address or address already exists in a contact request.
Invalid Input
Please select an office
Please let us know your message.

testimonials

GET IN TOUCH

Any data that you submit using this web form will be held by our firm as Data Controller and will be held securely for 12 months before being securely and confidentially destroyed.
Find out more
Your data will not be disclosed to any third parties without your consent or as otherwise allowed by the relevant Data Protection legislation and will only be used for responding to your query (or purposes associated with that purpose).

You have the right to be informed about what data we hold about you along with other rights set out in the legislation. Further information about your rights under the data protection legislation can be found at www.ico.org.uk

Full details can be found here

Please let us know your name.
Please enter a valid phone number
Error, invalid email address or address already exists in a contact request.
Invalid Input
Please select an office
Please let us know your message.

AWARDS & ACCREDITATIONS