The Office of Tax Simplification (OTS) has launched an online survey urging members of the British public to share their experiences of Inheritance Tax (IHT) and consider whether they feel IHT ought to be simplified or reformed in the years ahead.
The survey comes shortly after the Chancellor, Philip Hammond, called for a full review into the complexities of the existing IHT regime amidst concerns that many British families find the rules governing IHT confusing.
Through its online survey, the OTS is hoping largely to “gather evidence from individual members of the public rather than tax professionals or specialists,” but has said that advisers’ thoughts will also be welcomed.
Those completing the survey are advised to respond by 8 June 2018, based only on their own “practical experience or understanding” of the tax.
Announcing the launch of the survey, Paul Morton, Tax Director at the OTS, said that the public consultation would help inform the organisation’s research into Inheritance Tax, as well as the recommendations in its final report.
Mr Morton also clarified that ‘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.’
The OTS is 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.”
The online survey can be accessed here.
At Moore Thompson we are able to explain how IHT might impact on your estate and help you sort out your tax affairs.
We will work on your behalf to ensure that your tax liability is minimised so that more of your hard-earned money stays with you, your business and, eventually, your loved ones. To find out more, please contact us.