draft legislation follows Inland revenue's failed attempts to appeal eversden case
Several trust products that mitigate inheritance tax (IHT) have been withdrawn from the market, following the Inland Revenue's decision to close a bitterly defended loophole in tax legislation. Products that will be affected include Scottish Equitable International Access Plus Trust and Clerical Medical's Family Wealth Trust. Both have stopped being sold. The new legislation is still in draft stage. At this stage the rule will not affect people who have held these products for six months or more. However, for those who have held these products for less than six months the rul...
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