Ruling sees Inland Revenue withdraw IHT trusts loophole in tax legislation

Several trust products that mitigate inheritance tax (IHT) have been withdrawn from the market, following the Inland Revenue's decision to close a bitterly defended loophole in tax legislation. Products that will be affected include Scottish Equitable International Access Plus Trust and Clerical Medical's Family Wealth Trust. Both have stopped being sold. The new legislation is still in draft stage. At this stage the rule will not affect people who have held these products for six months or more. However, for those who have held these products for less than six months the rul...