.png)
.png)
The future of trusts in the light of proposed inheritance tax reforms and other recent developments
KEY POINTS
- HMRC published responses to consultation on trusts.
- The justification for the proposals is a simplification of the trust tax regime.
- The proposed changes should be tax-neutral.
- For the most commonly met trust scenarios there is likely to be an increased tax liability.
- Worked examples and calculations of potential liabilities.
In FA 2006 the government implemented its so-called “attack” on trusts by extending the inheritance tax relevant property regime – previously only applicable to discretionary trusts – to virtually all trusts without a qualifying interest in possession.
It appears that finance acts in the years ahead may well continue this attack with the announcement in the chancellor’s autumn statement on 5 December 2013 (and confirmed in the recent Budget) that the government is to further...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
