Views on Inheritance Tax requested in online survey
Feedback on Inheritance Tax (IHT) is being sought by the Office of Tax Simplification (OTS). This follows the Chancellor of the Exchequer’s request for a review into the system’s complexities earlier this year.
The OTS has launched an online survey and is calling for evidence of people’s experiences with the tax, applied to estates valued at more than £325,000. The views and feedback gathered will form part of the OTS’s Inheritance Tax simplification review.
The Office of Tax Simplification is looking into the complexities of IHT, how it is administered and the processes which need to be adhered to. Although views on the actual rate are welcome, these, being in the hands of Government, are secondary to the review’s purpose.
To ensure that its report is as comprehensive as possible, the OTS is also looking for the views of professional advisers and representative bodies.
The tax director of the Office for Tax Simplification, Paul Morton, said: “This call for evidence and survey will help inform our research into Inheritance Tax and the recommendations we make in our final report. We know that there is a great deal to consider and we want to explore this with the help of individual taxpayers, as well as professional advisers and representative groups.
“In a nutshell, while tax rates are for government, the role of the OTS is to challenge tax complexity and so help all users of the tax system, and so we hope to hear from as many individuals as possible. We are keen to hear both from those who have had some experience of dealing with Inheritance Tax and those who are concerned about it, but who may be unfamiliar with it.”
Details of the consultation are available here.