Inheritance tax forms abolished

Inheritance tax forms abolished

In the Autumn statement, the chancellor revealed on behalf of HMRC, that paper-based inheritance tax forms are to be abolished within the next three years.

As we all know, the current system of probate can sometimes be a very slow and laborious process, depending on the complexity of the estate.  On average probate can take several months to process, which can cause significant stress and even financial difficulties for executors and beneficiaries.

It is thought by HMRC that by allowing executors to apply for probate and submit inheritance tax valuations online, this will free up more staff, who can then help to move the rest of the probate process along more smoothly.  In turn, this, it is hoped, will significantly reduce the amount of time it takes to grant probate.

Personally, I feel that this step, which seems such a simple solution to the rest of us, will make a huge difference to a process which, it may be argued, has become somewhat antiquated and often more complicated than it needs to be.  I look forward to seeing this online system implemented, and examining any changes in processing time.

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