Tax advisers out of the loophole

tax

New IHT rules introduced by the recent Finance Act make it harder to mitigate this tax so advisers need to ensure that they are up to date and have the resources to investigate each case individually to achieve the best strategy.

Inheritance tax (IHT) was never simple, but it was always much more straightforward than income tax or capital gains tax - probably because it has never been part of a simplification process. Lately it has become much more complex as the government seeks to increase the revenue it generates. Blocking loopholes is always a complicated process if you try to do it without completely rewriting the tax concerned. This means that legislation becomes even more detailed and difficult to understand. An adviser's life becomes harder with the need not just to analyse legislation to avoid an increasin...