Govt hints at future IHT reform

Commissioned research into IHT use

Hannah Godfrey
clock • 3 min read

The government has hinted at reforming the current inheritance tax (IHT) system after commissioning research into the complex area.

HM Revenue & Customs (HMRC) commissioned the research on 22 November alongside the Budget to better understand the motivations, behaviours and attitudes underlying individuals' decision-making process on IHT matters, and the use of reliefs and exemptions. There was a limited understanding of IHT among the interviewees, most were aware of the basic principles of IHT such as the threshold and spouse exemption, but few actually relayed the details of these, and very few were aware of agricultural property relief (APR) and business property relief (BPR). HMRC interviewed 80 people who eit...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

‘IHT is the tax gift that keeps on giving as record receipts have been banked’

Hope Coumbe
clock 23 April 2024 • 2 min read
Don't let these five tax changes slip through the advice net

Don't let these five tax changes slip through the advice net

Changes to tax policy advisers need to be aware of

David Downie
clock 18 April 2024 • 3 min read
HMRC warns about taking benefits until it fixes LTA abolition rules

HMRC warns about taking benefits until it fixes LTA abolition rules

Request came just two days before the LTA abolishment date

Jonathan Stapleton
clock 05 April 2024 • 1 min read