OTS recommends term life IHT exemption

‘A step in the right direction’

clock • 1 min read

Office of Tax Simplification suggests the removal of need for policies to be written in trust

The Office of Tax Simplification (OTS) has recommended that the government consider ensuring death benefit payments from term life insurance policies are inheritance tax (IHT) free on the death of the life assured, without the need for them to be written in trust. The recommendation comes out of the second report from the OTS, following the release of its first report back in November 2018, prompted by a request from the chancellor in January 2018 for a thorough review of the IHT landscape. The recommendation from the OTS comes after the discovery that few term life insurance policies...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Autumn Budget 2025 set for 26 November

Autumn Budget 2025 set for 26 November

Investment and reform

Cameron Roberts
clock 03 September 2025 • 3 min read
The COVER Review: FCA updates, acquisitions and IPT

The COVER Review: FCA updates, acquisitions and IPT

Week commencing 25 August 2025

COVER
clock 29 August 2025 • 1 min read
Broadstone warns against IPT hikes in Autumn Budget 2025

Broadstone warns against IPT hikes in Autumn Budget 2025

‘Green shoots of progress’ in the NHS

Jaskeet Briah
clock 27 August 2025 • 3 min read