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May: IHT is over-complicated and needs reforming

Despite recent statistics showing revenue raised by inheritance tax on the increase, Nigel May CTA, senior tax partner at MHA MacIntyre Hudson, argues that the tax is too complicated from the residence nil rate band and taper relief to complexity around the seven-year gifting rules

HMRC published its annual inheritance tax (IHT) statistics at the end on July 2018. IHT has rightly been long-criticised for being both inequitable and disproportionately complicated while generating modest amounts of revenue. The Office of Budget Responsibility (OBR) has projected that IHT will constitute a meagre 0.7% of revenue raised for 2018/19.

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