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Matter of trust

18 August 2015 / Mark Wallace , Terry Oliver
Issue: 4514 / Categories: Comment & Analysis , Inheritance Tax
57530837
Changes to the inheritance tax regime for trusts introduced by Finance Bill 2015-16.
KEY POINTS
  • Most trusts created after 22 March 2006 are treated as relevant property trusts.
  • HMRC consultations in 2012 and 2013 proposed a number of simplifications to the trust regime.
  • Same day additions into two or more trusts will be taken into account when calculating periodic and exit charges.
  • The new rules bring into account the historic value of those other settlements as well as same-day additions.
  • The inheritance tax interest and penalties regime is to be aligned with other taxes.
Practitioners often criticise the government and HMRC for introducing tax changes without consultation or at very short notice. This criticism cannot however be levelled at changes...

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