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OTS to carry out review of IHT

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The chancellor of the exchequer has written to Angela Knight and Paul Morton, directors of the Office of Tax Simplification (OTS) asking it to carry out a review of IHT.

The letter requests the review to focus on ‘technical and administrative issues within IHT, such as the process of submitting returns and paying any tax due, as well as practical issues around routine estate planning and disclosure’. Other areas suggested for attention include how current gifts rules interact with the wider IHT system and ‘whether the current framework causes any distortions to taxpayers’ decisions surrounding transfers, investments and other relevant transactions’.

Detailed terms of reference for the review will be agreed and published in due course.