Colin Jelley looks at the inheritance tax implications of the recent Phizackerley case
The recent ruling by the Special Commissioners on the Phizackerley case continues to be a source of debate. This case, and its implications for inheritance tax (IHT) planning, raises important issues for financial advisers to be aware of. This was not a test of new legislation - section 103 FA 1986 is over 20 years old - but a new application of existing legislation. A crucial point to consider is that although this particular case involved the use of a share in the family home within a will trust, in reality the ruling could have far-reaching implications extending beyond planning involvin...
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