The UK Office of Tax Simplification (OTS) has published its first report of its review into inheritance tax (IHT). The report, in which STEP is widely quoted, finds that the process for completing IHT forms is too complex and old fashioned, and that too many people are having to fill them in unnecessarily. The OTS… Read More OTS report supports STEP’s calls for simplification
It’s now three months since the launch of The Informed Trustee, STEP’s online course for charity trustees in England and Wales, Scotland and Northern Ireland. With Trustees’ Week being marked across the UK, it seems like a good moment to reflect on the story so far. The Informed Trustee course was created as a practical… Read More The Informed Trustee: three months on
On 7 November, the UK government launched its review into the taxation of trusts, almost a year after announcing it in the 2017 Autumn Budget. The consultation, which will run until 30 January 2019, focuses on the principles of transparency, fairness and neutrality, and simplicity. The government’s stated aim is to ensure that the many… Read More UK trust taxation under review
This Blog was updated on 26/11/2018 – for latest developments, please see the update at the end of the article below. The government has announced amendments to the procedure for applying for probate in England and Wales, with less than a month’s notice. The Statutory Instrument (The Non-Contentious Probate (Amendment) Rules 2018) will come into… Read More Government changes E&W probate procedure without consultation
Update 13 Nov: Please see the Statutory Instrument timeframe below. Original blog: The UK government has re-introduced proposals to fund the courts service via charging higher probate fees. The proposals emerged late yesterday (5 Nov 18), a week after the budget. While the headline charges are less extortionate than were proposed last year, for an estate… Read More The death tax returns
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