There was much speculation that 2018’s Budget would include an update on the Inheritance Tax (IHT) review. Last week when the Chancellor of the Exchequer, Philip Hammond, presented the annual Budget, there was no mention of IHT. However, the independent Office of Tax Simplification (OTS) has now confirmed that the findings from their Inheritance Tax review will be published before the end of the year.

There is a key opportunity in the financial services industry as trillions of pounds are expected to be handed down from the rich to their children in the coming years. Independent financial advisers (IFAs) could more frequently be called upon for financial advice as heirs inherit large sums of money.

A self-portrait by Lucian Freud is to go on display at the National Portrait Gallery after he left it to the nation in lieu of paying Inheritance Tax.

Government proposals unveiled this week could result in a hundredfold increase in probate fees for some families, reports The Financial Times. The Ministry of Justice (MoJ) has published its plans to reduce the £1.1bn annual cost of running the court system by introducing a revised probate fees structure in England and Wales.

A recent article by The Telegraph has detailed the emotional stress that dealing with the death of a loved one can cause, including the anxiety of having to deal with the taxman when it comes to Inheritance Tax (IHT).

Ordinary individuals inheriting assets from overseas could risk criminal charges if they miscalculate the tax owed, reports The Telegraph.

The new leader of the Labour party, Jeremy Corbyn, has called for significant changes to be made to Inheritance Tax (IHT) laws, arguing that regulations should be graded to make the process fairer.

“If I am an executor to my father’s estate, and the shares have fallen 18pc since his death, will I have to pay inheritance on the value at his death, even though I will be selling them for far less?”

The subject of inheritance has been in the news a fair bit recently, with some parents choosing to spend their savings rather than pass them down to their children or grandchildren. With 35% of Britons relying on an inheritance to provide them with a stable financial future, and 20% stating that they require an inheritance to retire comfortably, there is the potential for an increasing number of complications and disputes to arise.