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01 September 2015
Draft regulations could further restrict tax planning options.
Draft regulations could result in individuals and their tax advisers swamping HMRC with information that they do not want or need Boodle Hatfield is warning. Under the regime they would have to disclose participation in all but the most basic inheritance tax planning.
Geoffrey Todd a partner in the firm’s private client and tax team said: “The disclosure of tax avoidance schemes (DOTAS) regime has existed for some time but currently applies to inheritance tax to the extent that a scheme seeks to avoid an entry charge on a lifetime transfer into a trust. However from later this year DOTAS will be extended to any arrangements that aim to avoid inheritance tax on death or on lifetime transfers.”
The draft regulations were published in July. They state that disclosure will be required of...
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