Hammond asks for a 'simpler, fairer and better' system from the Office of Tax Simplification
The Chancellor of the Exchequer, Philip Hammond, has written to the Office of Tax Simplification requesting a review to make the system 'simpler, fairer and better'.
In November 2017, HMRC published their own report into Inheritance Tax Reliefs and Exemptions, and although that report was of very limited scope, coupled with the Chancellor's request it does seem to show that Inheritance Tax is once again to be the focus of debate.
It's too early to make any predictions about what recommendations the Office of Tax Simplification might make. But we do know the present regime of reliefs and exemptions for business and agricultural assets is very benign. Those considering undertaking some planning might want to take advantage of the current rules while the opportunity lasts.