.png)
.png)
The latest consultation on calculating charges could be the final nail in the coffin
KEY POINTS
- HMRC’s proposals to change to the tax treatment of pilot trusts appear to be driven by their wish to make them an unattractive proposition.
- Taxpayers will be entitled to a new settlement nil-rate band in addition to their nil-rate band.
- Some historical detail will be removed from the computational charge which may help with simplification.
- The rate of charge for all trusts will be fixed at 6% which may add to clients’ tax bills rather than reduce them.
- Alternatives to trusts may prove attractive.
It is tempting for a busy practitioner snowed under by work and the Finance Act to give little more than a cursory glance to the consultation document Inheritance tax: a Fairer Way of Calculating Trust Charges (published on 6 June) that proposes changes...
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.
