This week's round up of private client news.
1. Chancellor requests OTS review of IHT
The Chancellor, Philip Hammond, has written to the Office of Tax Simplification (OTS) to ask they carry out a review into IHT. The Chancellor suggests the review should focus on the technical and administrative issues within IHT, the practical issues around routine estate planning and disclosure, and how the current gifts rules interact with the wider IHT system. The Chancellor and the OTS will agree a scoping document for the review, which will be published in due course.
There is speculation that the following areas could be under scrutiny: PETs, the annual exemption, APR/BPR and trust taxation. Watch this space!
2. Power of attorney refund fee scheme launches 1st February 2018
Refunds are being offered to those who may have been charged more than was necessary to apply to register lasting or enduring powers of attorney between 1 April 2013 and 31 March 2017. During this period, the OPG’s operating costs came down as more people applied to register a power of attorney and the process became more efficient, but the application fee charged was not reduced in line with this. The refund can be claimed using the OPG’ online service.