industry welcomes long-awaited increase but says it should have been backdated
A move by HM Revenue & Customs (HMRC) to increase the reporting thresholds for gifts to most trusts should have been introduced earlier, according to life companies. HMRC has confirmed that from the tax year 2007/8, its intention is to increase the reporting threshold for Chargeable Lifetime Transfers (CLTs) made by an individual in any one year from £10,000 to £200,000 and from £40,000 to £250,000 for CLTs made over a 10-year period. It intends to consult on the proposed increases with a view to implementing change later in 2007. However, despite indicating during the Finance Bill passag...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes