Finance Bill signals demise of probate trusts

At the time of writing, the Finance Bill (number two) 2006 was still waiting to wend its way through the House of Commons debate process. Although there has already been healthy, if ultimately unhelpful, debate on the demise of trusts and the inter-spouse transfer, Clause 157 and Schedule 20 have yet to be deliberated. As things stand, one of the other casualties of the changes, which some have described as an unwarranted assault, is the homely probate trust. A probate trust promises no benefit to the investor other than the avoidance of the delay and expense sometimes associated w...