Treasury's inheritance tax review will cover trust taxation rules

HM Treasury's Office for Tax Simplification has published the terms of reference for its coming review of the inheritance tax system, as announced by Chancellor Philip Hammond on 19 January.

The main targets are the process for submitting IHT returns, especially when it is obvious that there will be no tax to pay; the annual threshold for small gifts and normal expenditure out of income; routine estate planning, compliance and disclosure, including probate procedures; complexities arising from IHT reliefs; and the effects of IHT, trust and capital gains taxes on individuals' decisions about the value and timing of asset transactions.

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