Lack of trust?

A SUBSTANTIAL NUMBER OF Government amendments on Budget press release BN25 and will trusts have been tabled for debate in Standing Committee since Chris Whitehouse and I wrote our article 'Will trust be lost?' Taxation 8 June 2006 page 257. The main impact of these were reported in Update Taxation 15 June 2006. These largely deal with the IPDI problems mentioned in that article.

Foreign domiciliaries

However we also mentioned problems in relation to IHTA 1984 ss 80 and 144. The s 80 problem for will trusts has fortunately been resolved by Government amendment 373. Section 80 provided that where a settlor creates a trust in life or on death with an initial interest in possession for himself or his spouse for the purposes of the relevant property regime the settlement was not treated as starting until property moved from the...