Trusts IHT guidance still brooks argument

Standard Life, which suspended its bond trust plans in light of the Budget, says the latest guidance note from HM Revenue and Customs expressly states “there is no retrospective tax charge”, which it interprets as meaning only new trusts will be affected by the Bill. Still, the life company is sufficiently wary to add: “the next step is for us to ensure that this is actually the case as we work through the detail in the coming days.” “We are, however, pleased to have had early confirmation that absolute trusts are outside the scope of the new rules.” John Riches, chair of the Techn...