Inland Revenue considers new asset tax on gift and loan trusts

Investors who hold discounted gift trusts and loan trusts could next become the latest victims of UK's pre-owned asset tax, which imposes an income tax on people who give away assets but continue to use them. Scottish Life International (SLI) has warned that many aspects of the new income tax charge on pre-owned assets remain unresolved despite the fact that the legislation received final parliamentary approval last month. Gerry Brown, technical marketing manager at SLI, said: "Ideally all tax legislation should be drafted in such a way as to be easily understood by those affected and t...