Trusts and Inheritance Tax (IHT)
A possible overhaul of the taxation of Trusts has been considered, with consultations running through 2018 and 2019 on this matter seeking views on how to make them more transparent and fair. However, the government appears to have backed off on the idea of fundamental change for now.
Much the same can be said about Inheritance Tax, with no major changes announced. Instead there will be some easing of reporting regulations brought in. This includes the promise of a 90% reduction of non-taxpaying estates that need to complete an IHT form. The need for physical signatures on an IHT Return being permanently relaxed, and clarification introduced on the need for estates to submit an IHT Return where the deceased was not domiciled in the UK.