Neil MacGillivray: Is the abolition of IHT on its way?

Receipt-based scheme

clock • 3 min read

If the current IHT regime's days really are numbered, writes Neil MacGillivray, then advisers with clients who have held off making gifts for IHT planning purposes may want to get them to act sooner rather than later

When Chancellor of the Exchequer Philip Hammond wrote to the Office of Tax Simplification (OTS) in January asking it to review inheritance tax (IHT), one had to wonder what the outcome would be. On 27 April, the OTS published a call for evidence. On examination of the questions it asked, it is clear nothing appears to be safe from change. Responses had to be with the OTS by 8 June, with the aim of publishing a report in the autumn before the 2018 Budget, so we may not have that long to wait. Now, my track record on predictions of possible changes to tax legislation is pitiable so I te...

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

UK sees non-dom population drop by almost 37% in 'wealth exodus'

UK sees non-dom population drop by almost 37% in 'wealth exodus'

Many HNW clients relocating to Greece

Jenna Brown
clock 24 February 2025 • 2 min read
Treasury bags £10.3bn in CGT receipts as Budget changes bite

Treasury bags £10.3bn in CGT receipts as Budget changes bite

Likely due to lots of people triggering gains ahead of Autumn Budget

Isabel Baxter
clock 21 February 2025 • 2 min read
Gifting regime 'overhaul' feared as IHT take climbs again

Gifting regime 'overhaul' feared as IHT take climbs again

IHT receipts rise to £7bn for financial year so far

Jen Frost
clock 21 February 2025 • 4 min read