The Chartered Institute of Taxation (CIOT) responds to the draft legislation regarding inheritance tax and excluded property added to and transferred between trusts.
A new report has called for national insurance for pensioners, replacing council tax with a tax based more closely on property values, halving SDLT and replacing inheritance tax with a lifetime receipts tax.
The controversial subject of how to tax inherited wealth was the subject of a lively CIOT/Institute for Fiscal Studies debate at the RSA which treated its guests to a history of inheritance tax and a comparison to the system used on the other side of the Irish Sea. An audio recording of the debate is available below.
