In July, following its first report in November 2018 and an 'unprecedented' response to their consultation, the Office of Tax Simplification (OTS) published its second report on the simplification of inheritance tax (IHT). The report sets out a number of recommendations for 'a more coherent and understandable structure of the tax'. In this article we look at the main recommendations and findings and consider what is in store for the future.

WBD's private wealth team has been ranked highly in the Chambers High Net Worth (HNW) guide.

The Chambers HNW guide focuses specifically on the international private wealth market. Published annually, it covers private wealth management work and related specialisms in key jurisdictions around the world, featuring the leading lawyers and law firms for wealthy individuals and families.

The UK government is consulting on expanding the requirements for trusts to be registered with HMRC, as part of a raft of measures to implement the latest EU Anti-Money Laundering law (known as 5MLD). The changes are likely to: a) significantly increase the number of trusts that need to be registered with HMRC; and b) widen the circumstances in which trust information can be accessed.