The Office of Tax Simplification have proposed an overhaul of the inheritance tax system. The proposals suggest that inheritance tax of up to 40%, should be paid within five years of someone’s death as opposed to the seven years it presently is.

The proposals also suggest that the different gift allowances should be scrapped in favour of a more streamline approach. This would mean one single gift allowance. The abolishment of the taper relief is also suggested.

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