Inheritance Tax

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CAROLYN STEPPLER takes a practical look at inheritance tax charges on an accumulation and maintenance trust under the new rules.

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.

FRANCESCA LAGERBERG wonders if the latest round of consultations are forward thinking or pure farce.

MARK McLAUGHLIN and TOBY HARRIS ponder some planning points and pitfalls in connection with inheritance tax business and agricultural property reliefs.

JOHN JEFFREY-COOK CTA (Fellow), FCA, FCIS, ATT marshals the amendments and debates on this year's Finance Bill.

JULIE BUTLER stresses the importance of accurate property valuations in tax planning

PETER LEGG summarises the exemptions that are available to mitigate potential inheritance tax liabilities.

Disabled trusts: what is the latest position? ROBIN WILLIAMSON reports.

JOHN WOOLLEY provides an inheritance tax update on life assurance trusts.

MIKE TRUMAN finds parliamentary understanding of the trust fiasco — but in the wrong house.

Barristers CHRIS WHITEHOUSE and EMMA CHAMBERLAIN explain that Finance (No 2) Bill 2006 will cause substantial problems for those trying to draft wills.

IAN MASTON casts an eye over the new rules for the inheritance tax treatment of trusts contained in Schedule 20 to the Finance (No 2) Bill 2006.

KEVIN NICHOLSON reviews some of the new measures in the 2006 Finance Bill introduced to drive enterprise and considers the elements that were missing.

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