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Did pre-5 April 2008 inter-spouse transfers crystallise indexation allowance? MIKE THEXTON investigates this question
KEY POINTS
- Could indexation allowance be crystallised before 6 April 2008?
- 'Yes' says HMRC's frequently asked question.
- 'No' says the Finance Bill Explanatory Note.
- An analysis of the legislation.
Do you open new legislation with the words 'how can they do that?' forming in your brain before you have even read anything? If not where have you been for the last ten years? I have learned to assume that contrary to the opinion of Voltaire's famous character all is not for the best and this is not the best of all possible worlds at least as far as the UK's tax law goes.
The Chancellor says he will simplify something: I do not believe him. HMRC say that a relief will 'normally' be available: I hear the whispered words 'your circumstances are...
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