Confusion lingers over trust fund legislation

Despite the release of the Finance Bill 2006 in April, confusion still remains over trusts and how they can be used, according to Paul Kennedy, taxation and trusts manager at Prudential International. He explained: "First it was thought 20,000 people would be impacted by the Budget changes, then it was 100,000, now it appears to be 15 million. It is estimated the extra revenue the Government will receive as a result of the changes will be £15m, but the administration costs involved in collecting them will run into several billion pounds." In the Budget, it was announced accumulation an...