The number of estates liable to inheritance tax has grown in recent years, reflecting the rising value of assets in property, particularly of houses. Following on from a National Audit Office report (HCP 17, session 2004-05; ISBN 0102931550), the Committee's report focuses on the following issues: strengthening compliance checks and enforcing penalties for non-compliance; improving case processing and making the system easier to use, including simplifying forms; and the operation of the tax exemption scheme for heritage assets. A number of conclusions and recommendations are made, including the need to: improve data collection and analysis to examine the tax gap on undeclared or under-valued assets; consider extending regulations on disclosure obligations to inheritance tax avoidance schemes; and to further reduce the number of long-outstanding cases by setting targets and making full use of powers to secure information required. The report also recommends that the Revenue should consider developing a co-ordinated bereavement website, in co-operation with other departments, containing advice and information on dealing with the death of a relative, including filing inheritance tax and probate returns.Roy Jenkins said that Inheritance Tax was a voluntary tax and that you had to hate your relatives more than you hated the ... helpful reference to those schemes a the more likely you are to be able to devise the means to avoid the tax and it is anbsp;...
|Author||:||Great Britain: Parliament: House of Commons: Committee of Public Accounts|
|Publisher||:||The Stationery Office - 2005-07-12|