Phizackerley 'does not affect nil-rate trusts'

clock •

The decision by Special Commissioners to reject an appeal over Inheritance Tax and nil-rate band will trusts has come as no surprise, claims Standard Life, but argues it doesn't affect the way trusts work.

Julie Hutchison, estate planning specialist at Standard Life, says conferences on IHT and trust planning have for several years raised a risk point about nil-rate band will trusts, however until now any discussions have ended by pointing out “HMRC has not yet taken the point in a case as yet”. As a result, she says, the decision by the Special Commissioners for Tax in the test case of Phizackerley Vs HMRC not to exclude from the estate’s IHT liability a loan made from his wife’s nil-rate trust to Dr Phizackerley, should not come as a surprise. “Many people will consider that it was ju...

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

Join

 

Already a Professional Adviser member?

Login

More on Investment

Chris Justham: Why the industry must 'entertain and engage' investors

Chris Justham: Why the industry must 'entertain and engage' investors

‘We can’t just offer them a dry cracker and ask them to chew it down’

Chris Justham
clock 07 October 2026 • 3 min read
Jupiter Merlin makes 'keystone' changes and cuts charges on Select range to attract advisers

Jupiter Merlin makes 'keystone' changes and cuts charges on Select range to attract advisers

Two new funds launched

Michael Nelson
clock 06 October 2026 • 6 min read
Darius McDermott: Is it time to take another look at China?

Darius McDermott: Is it time to take another look at China?

'It has been a difficult period for the Chinese stock market'

Darius McDermott
clock 06 October 2026 • 5 min read