IHT

Taxing wealth better requires some radical reforms, writes Emma Chamberlain (Pump Court Tax Chambers).

Once a farmer, always a farmer?

A proposal has been put forward to change how inheritance tax applies to siblings in certain circumstances, writes Fraser Mackay (Brodies).

Nicholas Harries

Nicholas Harries (Macfarlanes) examines draft Finance Bill provisions designed to counter the effect of the Court of Appeal's judgment in Dreelan.

Ashley Greenbank

Ashley Greenbank (Macfarlanes) considers the BPR aspects of the Office of Tax Simplification's IHT report.

Sue Laing

Although simplification was the aim, the report has inevitably strayed into matters of policy and it proposes some potentially significant changes, writes Sue Laing (Boodle Hatfield).

The latest OTS report on IHT explores complexities and technical issues around gift exemptions, lifetime gifts, and distortions in the way business property relief and agricultural property relief operate.

The shadow chancellor is considering plans to impose a new lifetime gifts tax with a threshold of just £125,000.

Proposals to the Labour party on possible reforms to the taxation of land would, if implemented, radically change the tax landscape.

Most lifetime gift givers are unaware of the various tax exemptions, and those who are aware are largely uninfluenced by them – which begs the question, is all this tax complexity really necessary?

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