Although simplification was the aim, the report has inevitably strayed into matters of policy and it proposes some potentially significant changes, writes Sue Laing (Boodle Hatfield).
The latest OTS report on IHT explores complexities and technical issues around gift exemptions, lifetime gifts, and distortions in the way business property relief and agricultural property relief operate.
Most lifetime gift givers are unaware of the various tax exemptions, and those who are aware are largely uninfluenced by them – which begs the question, is all this tax complexity really necessary?
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