Our Sarah Mansbridge has provided her comments on the proposals made in the UK Office of Tax Simplification's second report focusing on lifetime gifts, business property relief (BPR) and agricultural property relief (APR) and highlights the recommendations made.
STEP (the Society of Trust and Estate Practitioners) has already commented welcoming the simplification review but expressing disappointment that the nil rate band, residence nil rate band or trusts have not been included. There is no doubt that the current IHT regime is complex and needs simplifying. If all of the above areas are overhauled this would result in a significant change to IHT as we know and consequently estate and tax planning recommendations. Therefore the review is welcome, but we will all be paying close attention to the final results.