24 March 2021
Inheritance tax and probate update
The government has today published a letter in response to the review by the Office of Tax Simplification in 2019. They have agreed that by 1 January 2022 more than 90% of non-tax paying estates will no longer need to complete IHT forms. This will be a welcome relief for bereaved families and reduce the administrative burden of dealing with inheritance tax forms in simple estates.
They have further confirmed their commitment to the digitalisation of the reporting process for trusts and estates and improved online guidance from HMRC as part of the government’s Tax Administration Strategy.