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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...
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