A number of studies over the years have suggested that inheritance tax (IHT) is ripe for reform, and it appears chancellor Philip Hammond is inclined to agree.
Hammond has written to the Office of Tax Simplification about reviewing IHT, and in this video Technical Connection joint managing director Tony Wickenden explains the history behind the move.
One previous report criticised IHT as a "somewhat half-hearted tax, with many loopholes and opportunities for avoidance through careful tax organisation of affairs."
Tony says given this backdrop, and the complexity of IHT generally, a wider review which goes beyond merely looking at the administrative process shouldn't be ruled out.
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