Bleak outlook

BLEAK HOUSE BY Charles Dickens enjoyed a resurgence of popularity last autumn when it was dramatised on BBC1 but who would have thought that a parliamentary debate on aspects of the Finance Bill would find apt comparison? The clue lies in the aspect in question which was the now infamous proposed changes to accumulation and maintenance trusts and interest in possession trusts. All will be revealed later.

Having received its second reading but before being scrutinised (possibly an optimistic choice of verb) by the standing committee the Finance Bill came to be 'considered in committee' i.e. by the House of Commons. Clause 157 and Sch 20 were first in line. Theresa Villiers introduced new clause 1 relating to the application of IHTA 1984 s 18 (transfers between spouses). She explained that the new clause was needed to ensure that spouses continued to be able to...