HMRC have accepted the following security as having negligible value during November 2006 for the purposes of a claim under TCGA 1992, s 24(2).
TRUSTS, TRUSTS AND more trusts: who would have thought that a couple of Budget press releases, containing information that Gordon Brown considered not worth mentioning in his Budget speech, could cause so much trouble? But they certainly have. A healthy part of the 19th sitting was covered in Richard Curtis's article 'Too much, too young', Taxation, 21 September, but some discussion on insurance policies remained.
WIDE RANGING CHANGES to the inheritance tax regime for trusts were introduced by Finance Act 2006. While existing interest in possession trusts may be grandfathered, this is not the case automatically for accumulation and maintenance trusts. Any A&M trust in existence which does not provide that beneficiaries become entitled to income and capital at 18 will fall within the new rules from 6 April 2008.