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Call for evidence into the use of deeds of variation for tax purposes
A consultation reviewing the use of deeds of variation to ensure that they are not being abused has been published by HMRC.
The aim is to:
- explore why and how often such deeds are used for tax purposes;
- examine how the current tax provisions on deeds of variation are operating; and
- establish what changes if any should be made to the tax rules.
Deeds made on or after 1 August 2002 have to be delivered to HMRC only if they result in a change to the tax due. If made within two years of death a deed of variation can result in a change to the inheritance tax or capital gains tax due.
The government is willing to meet interested groups as part of the process. Anyone who would like to put their views should...
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