TENS OF THOUSANDS of elderly homeowners who have sold part of their property to raise money in retirement will not now be subject to a pre-owned assets tax, reports this morning's Daily Telegraph .
Regulations which come into effect from April are designed to penalise homeowners seeking to avoid inheritance tax by taking their property out of their estate. However, paymaster general Dawn Primarolo has now confirmed those who have already sold all or part of their property but still remain in it will not be bound by retrospective rules. MINISTERS HAVE been warned plans for job cuts in Labour's pensions service will undermine efforts to increase take-up of means-tested retirement benefits, says the Guardian. The work and pensions select committee said the government should tack...
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