Ian Smart: Simplification of inheritance tax?

'Many questions and issues'

clock • 4 min read

A look at what the OTS recommendations might mean for life insurance policies

In July of this year, following its first report in November 2018, the Office of Tax Simplification (OTS) published its second report on the simplification of inheritance tax (IHT). This report sets out a number of recommendations for 'a more coherent and understandable structure of the tax'. Here, I have looked at the recommendations in respect of life insurance policies being paid free of IHT, even if not in trust, considering what this may mean along with any future clarification that may be needed. Life Insurance Life policies are a useful way of providing a sum which, if writt...

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

PMI sees highest new complaints for protection: FOS

PMI sees highest new complaints for protection: FOS

Q3 2025/26

Jaskeet Briah
clock 05 February 2026 • 2 min read
The perils of misreading the regulator

The perils of misreading the regulator

Loaded premiums and MS24/1

Tony Müdd
clock 03 February 2026 • 4 min read
The COVER Review: FCA Pure Protection Market Study

The COVER Review: FCA Pure Protection Market Study

Week commencing 26 January 2026

COVER
clock 30 January 2026 • 1 min read