In the wake of the huge controversy caused by the Government's treatment of inheritance tax planning tools in the 2006 Budget and subsequent Finance Bill we asked two leading experts for their views on the changes
The Chancellor's unexpected Budget day announcements regarding the inheritance tax (IHT) treatment of trusts caused confusion and concern. The Finance Bill provided some clarification but uncertainty remains and further changes may precede enactment. The proposals include sufficient guidance to enable advisers with 'pipeline' lump sum cases to proceed cautiously. Providers are using a disclaimer, stating clients are aware of the Budget implications and wish to proceed. Advisers must explain the position to clients, preferably in writing, before relying on such a disclaimer. There is als...
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