The end of an era

SOME SAY THAT they exist on an exclusive diet of burgers fries and pizzas. They insist on being transported by extra large vehicles with unnecessarily complicated drive mechanisms to the wheels and they spend a large proportion of their time staring at screens of one sort or another. But recently there has been an amazing discovery about these inhabitants of our planet: they are highly dangerous to the tax system!

This was certainly news to me. The idea that substantial wealth has been offloaded into trusts for young children to avoid tax has not been my experience. Virtually all tax privileges of children's trusts have been removed in recent years and in fact one could be worse off in tax terms by placing funds into trusts than if they were retained in personal ownership. What then is the alleged avoidance?

According to the Financial Secretary to the Treasury ...