Budget trust changes may cost £250m - papers 11th April

According to the paper, the Chartered Institute of Taxation (CIOT) estimated that families would face a typical cost of £250 to rewrite their wills, and more than 1m families are expected to be affected. HM Revenue & Customs claims it will receive an extra £15m a year in tax from the affected trusts. This means it would take around 16 years before the Treasury will have raised as much as the rule changes will have cost families. Anne Redston, chairman of personal taxes at the CIOT, is quoted as saying: "This is arguably the least efficient tax in history.” SIR DIGBY JONES is to tak...