The Office of Tax Simplification (OTS) conducted a review of and suggested changes to simplify the inheritance tax rules.
In its second report, the OTS provided the following proposals concerning:
Overall, the OTS suggested simplifying and clarifying the inheritance tax rules. There were specific recommendations to streamline gift exemptions, revise the rules for lifetime gifts, and address distortions in the operation and scope of relief with respect to business and agricultural property.
Read a July 2019 report prepared by the KPMG member firm in the UK
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