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ARTICLE · 23 JULY 2019

The OTS's Second Report

Wrigleys Solicitors LLP
Wrigleys Solicitors LLP
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Wrigleys Solicitors LLP

Wrigleys Solicitors LLP

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The Office of Tax Simplification ("OTS") has now published its long-awaited second report following the "call for evidence" in April 2018 and the publication

United KingdomTax
Lucy Hargreaves
Lucy Hargreaves
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Simplifying the design of Inheritance Tax

The Office of Tax Simplification ("OTS") has now published its long-awaited second report following the "call for evidence" in April 2018 and the publication of its first report addressing the administration of the tax.  The second report addresses the substance of the current IHT regime, and makes a series of recommendations for the government to consider.  There is no guarantee that all (or any) of these will be followed, but we outline the key recommendations of which those considering undertaking any succession planning, and their team of professional advisors, will need to be aware. 

Lifetime giving

Encouraging lifetime giving goes to the very heart of the reason for the introduction of IHT, enabling individuals to pass assets on to others outright and free of IHT.

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