The UK government is not moving ahead with measures at this stage which would see significant changes to inheritance and capital gains taxes.
In July 2019, the Office of Tax Simplification (OTS) recommended that the capital gains uplift, which is used for calculating capital gains tax bills, should be scrapped.
It would lead to significantly higher tax bills for many landowners who sell inherited property (see www.ifj.ie/ots).
In a letter sent to the OTS this week, Treasury Minister Jesse Norman said that the government would respond to the recommendations from the report “in due course”.
The Conservative MP said that several recommendations from a different OTS report on inheritance tax from November 2018 have been accepted, although these are mainly administrative changes.