Mr Hammond’s letter gives his view that inheritance tax, and the system within which it operates, is particularly ‘complex’. He would like to hear any proposals that the OTS may have to ensure that the system is fit for purpose and interaction with it is as smooth as possible.
Interestingly the Chancellor includes in the scope of the review ‘practical issues around estate planning and disclosure’. Does this herald increased interest from OTS/Mr Hammond in IHT mitigation schemes?
HMRC has said a scoping document for the review will be agreed and published in due course.