Office of Tax Simplification’s first report on inheritance tax
The Office of Tax Simplification (OTS) has published the first part of its inheritance tax (IHT) simplification review. The report highlights a variety of issues with the current IHT system: IHT returns are submitted for about half of all estates, even though tax is paid by less than 5%; Most of the paperwork cannot be completed and submitted online and is far from user-friendly; Probate is not normally granted until IHT has been paid, which can create difficulty for executor