Live-in carers and equity release exempt from POAT

New rules are being introduced to prevent elderly relatives from signing the property over to family to try and avoid IHT, as the government found “double trust” plans were being used to take the property out of their estate. Following consultation last year, a written ministerial statement was issued earlier this week by the Inland Revenue confirming equity release schemes will be exempt from the new tax rules effective from April 6th. Similarly, those properties which are signed over in part to relatives who are living at the property as carers will also be exempt from being forced ...