Inland Revenue loses trust loophole case

Professional Adviser
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The Inland Revenue has lost a case against a taxpayer in which it was trying to close what it deemed...

The Inland Revenue has lost a case against a taxpayer in which it was trying to close what it deemed to be a loophole in trust structures involving avoidance of inheritance tax. The Special Commissioner decided against the Inland Revenue, which has challenged an anonymous taxpayer's rights to be able to get a benefit from an asset that was passed on via a trust structure and avoid paying the inheritance tax. The case hung on the exempt transfer regime. For example, married couples wanting to make a potentially exempt transfer and avoid inheritance tax can use a trust to do this. An illu...

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