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Committee debates on Finance Bill 2020 – sessions 7 and 8

07 July 2020 / Richard Curtis
Issue: 4751 / Categories: Comment & Analysis
The long grass

Key points

  • Changes to the rules on excluded property may result in unexpected inheritance tax liabilities.
  • Company reconstructions may be affected by amendments to the stamp duty regime.
  • A simplified VAT treatment for call-off stocks.
  • HMRC becomes a secondary preferential creditor in insolvencies.
  • The general anti-abuse rule is strengthened.

The seventh sitting of the public bill committee’s debate on the Finance Bill started with clauses 72 (‘Excluded property etc’) and 73 (‘Transfers between settlements etc’). The first provides that additions of assets by UK-domiciled individuals to trusts made when they were non-domiciled cannot be excluded property and are therefore within the scope of inheritance tax. The second introduces legislation to provide that transfers between trusts are subject to additional excluded property tests.

Jesse Norman the financial secretary...

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