Scottish Life International is to launch a bare trust at the end of November, following changes affe...
Scottish Life International is to launch a bare trust at the end of November, following changes affecting trusts introduced in the Budget earlier this year. Meanwhile, Prudential International has also announced its intention to launch three trusts. The Bare Trust, is a substitute for probate trusts, which were made ineffective following the Finance Act 2006, said Gerry Brown, technical manager at Scottish Life International. He said: "The Finance Act 2006 deemed that the establishment of a probate trust was a chargeable lifetime transfer for inheritance tax (IHT) purposes. "It was broug...
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