Lords inheritance tax report
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A House of Lords report on the government’s inheritance tax reforms has endorsed changes that CIOT and ATT have been calling for, including a longer deadline for payment and the need for early guidance on bringing pensions into IHT.
The Lords inquiry saw substantial engagement from both organisations, with John Bunker and Emma Chamberlain appearing as witnesses for CIOT and Helen Thornley for ATT. The final report cited ATT 41 times and CIOT 44.
Helen Thornley described the committee’s recommendations as ‘pragmatic and fair-minded’, reflecting the considerable administrative burden that the new system could place on PRs. These administrative pressures are not merely theoretical. Stakeholders have warned that without sufficient lead time, clearer rules and simplified processes, PRs could face significant practical difficulties in valuing estates, liaising with HMRC and meeting compliance obligations. Concerns have also been raised about the risk of delays in estate administration if payment deadlines remain too tight, particularly where complex assets or pension arrangements are involved.