Prepare for big changes to inheritance tax

Inheritance tax – Britain’s most detested tax – is set for an overhaul.

Around 590,000 people die in the UK every year and 275,000 complete inheritance tax forms. Only 24,500 estates ultimately pay the levy, but it is still widely despised. The Office of Tax Simplification (OTS) describes inheritance inheritance tax as "almost uniquely unpopular". The main complaint is that it is a double tax the taxman is taking another slice of money you were already taxed on when you earned it but it is also deemed a tax on dying.

Now, however, "Britain's most hated tax" is set to change, reports Harry Brennan in The Daily Telegraph. A review of inheritance tax by the OTS, requested by Chancellor Philip Hammond, has suggested several changes to make the complicated tax simpler.

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Ruth Jackson-Kirby

Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.

Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.

Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.