THE TREASURY HAS admitted it has no idea how many taxpayers will have to rewrite their wills to avoid a new inheritance tax charge introduced in the Budget, reports The Times.
A day after the paper revealed the Law Society was advising all owners of homes worth more than £275,000 to re-examine their wills, Treasury officials told Parliament they had made no estimate of how many people could be affected by the new rules, which extend inheritance tax to 'accumulation and maintenance' trusts and 'interest-in-possession' trusts. Mark Neale, managing director of the Treasury’s Budget, Tax and Welfare directorate, told the Commons Treasury Select Committee the government had estimates only for the number of existing trusts which would be penalised by the new rules. ...
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