Yesterday on the first ever ‘Tax Day’, the Treasury unveiled a number of new tax reforms, including simplifying Inheritance Tax (IHT) guidance and reducing the ‘red tape’ when a loved one passes away.
The Government has announced that it will remove the need for 90% of estates to report to HMRC when no IHT is payable. Currently, estates that do not need to pay IHT are still required to fill in HMRC probate forms. The reform, which will come in on 1 January 2022, will save grieving families the distressing task of filling out these forms, streamlining the probate process.
@JonathanGallop, Head of Wills Trust and Probate stated: “These reforms are a welcome change and will inevitably remove unnecessary obstacles for grieving families. We look forward to further guidance from the government on how the reform will be implemented in practice.”
For more information click here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/971552/FST_to_OTS_IHT_March_2021.pdf