IHT too complex

 Tyrie: IHT changes too complex

The chairman of the Treasury Select Committee says recent inheritance tax changes are too complex and have left parents uncertain as to their final tax bill. Andrew Tyrie has written to George Osborne demanding that the changes are simplified and then implemented rapidly to give those planning their wills some certainty. Under proposals in the summer Budget, the IHT-free threshold will be raised from £325,000 per person to £500,000 for homeowners passing their main residence to their direct descendants, with a joint threshold of £1m in the case of married couples. But Mr Tyrie argues the changes are unreasonably complicated for those who have relatively modest homes that have inflated in value in recent years, and who do not have a lawyer or accountant who can ensure the rules are properly followed. He also expressed concern that the rules are not yet finalised and are only expected to apply to homes inherited after April 6, 2017 report Harris & Co chartered accountants Northampton

Source: The Daily Telegraph (08/12/2015)