News

Wilfrid Vernor-Miles comments on Philip Hammond’s call for a review of inheritance tax in Mail Online UK

  • February 02, 2018
  • By Hunters Law

 

The prospect of an inheritance tax overhaul has led to an outpouring of suggestions from financial experts.

Chancellor Philip Hammond has called for a review of IHT, asking the Office of Tax Simplification (OTS) to ensure the system is “fit for purpose”.

The chancellor called the current system “particularly complex” and asked the OTS for proposals to simplify it. Mr Hammond said the review should focus on technical and administrative issues, including the process of submitting returns and paying any tax due, as well as practical issues around routine estate planning and disclosure.

“When the government uses the phrase “simplification”, professional advisers fear the worst,’ said Wilfrid Vernor-Miles, partner at law firm Hunters Solicitors. Ask any pensions adviser how “pensions simplification” has worked over the past 10 years. A simplification of the inheritance tax rules is long overdue but any tinkering on the fringes only compounds the problem, such as the newly introduced and ill-conceived residence nil rate band. More and more estates are falling into the inheritance tax net, which is generating twice the revenue it did only a few years ago, but still only raises less than 1 per cent of total UK government receipts. Yet for those affected, it is an emotive topic and a minefield to navigate.”

Read the full article in Mail Online UK here. Wilfrid’s comments were also featured in Tax Journal. 

Related News

Sep 20, 2021
Louise Garrett discusses the proposed increase in probate fees in WealthBriefing
Sep 17, 2021
Molly Wills discusses Lasting Power of Attorneys in Hamilton George Care
Sep 15, 2021
Daniel Watson examines the pros and cons of vulnerable beneficiary trusts in EPrivateClient
Sep 07, 2021
Louise Garrett examines the MoJ’s open consultation regarding the fees for grants of probate in EPrivateClient
Aug 17, 2021
Daniel Watson examines the Law Commission’s call for evidence on possible reform of the legal treatment of crypto-assets and digital assets in England and Wales in EPrivateClient
Aug 11, 2021
Louise Garrett examines the news that the Ministry of Justice is seeking to increase probate fees in Lawyer Monthly
Aug 02, 2021
Harriet Murray explores the implications of paying for the pandemic with a wealth tax in Lawyer Monthly
Jul 22, 2021
Hunters’ success in the Chambers HNW 2021 Guide
Jul 19, 2021
Daniel Watson examines the Law Commission’s proposal for reform of the Wills Act 1837 in EPrivateClient
Jul 15, 2021
Flora Nelmes examines why a solicitor should be used for probate

© Hunters Law LLP 2021 | Privacy NoticeLegal & Regulatory | Cookies Policy | Complaints Procedure.

Hunters Law LLP is authorised and regulated by the Solicitors Regulation Authority (number 657218)