The industry has given a mixed review to news that Chancellor Rishi Sunak has asked The Office of Tax Simplification to carry out a review of Capital Gains Tax.

Royal London has backed a call by the Office of Tax Simplification which could lead to life insurance policies being automatically exempted from Inheritance Tax to save families money.

The Office of Tax Simplification has criticised the number of forms required to deal with Inheritance Tax, calling the process “complex and old fashioned.”

Financial Planning firm Quilter has cautiously welcomed a Government consultation on the way trusts are taxed.