Nimesh Shah, partner at Blick Rothenberg, calls for radical reform of the hugely complex personal tax system, not just inheritance tax, from spikes and cliff edges in marginal tax rates to capital gains tax
The Chancellor, Philip Hammond has asked the Office of Tax Simplification (OTS) in late January to review the UK’s inheritance tax (IHT) regime. In the Chancellor’s letter to the OTS, he acknowledges that the IHT regime is ‘particularly complex’ and he would be most interested to hear any proposals the OTS may have for simplification ‘to ensure that the system is fit for purpose and makes the experience of those who interact with it as smooth as possible’.
The Chancellor’s remarks could have applied equally to the entire personal tax system, which is in urgent need of complete overhaul.
Since 2010 and the start of the coalition government, the UK’s personal tax system has seen numerous new provisions introduced which impact everyday situations.
