It may not be a surprise that it would happen eventually, but IFAs have been surprised the governmen...
It may not be a surprise that it would happen eventually, but IFAs have been surprised the government's decision to close WITH IMMEDIATE EFFECT the inheritance tax (IHT) loophole which allows any person making gifts or lifetime donations to reserve or receive any material benefits for themselves. One Millfield IFA who contacted IFAonline says the decision to close the loophole immediately is a real concern, because he had several clients lined up next week to use that legal loophole. A decision to close the "gifts with reservation" loophole for Potentially Exempt Transfers follows...
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