HMRC research suggests trust changes are 'unnecessary'

In last year’s Budget report in March, Gordon Brown MP, Chancellor of the Exchequer, announced changes to the way trusts are taxed to try and minimise the risk of IHT avoidance. The changes, which apply to new trusts created since 22 March and to older trusts from 6 April 2008, mainly affect interest in possession (IIP) trusts and effectively mean any assets will be subject to chargeable gains when paid to the beneficiary. However the 155-page report: ‘Research on Trusts: Experience of Setting Up and Running Trusts’, a survey of settlors and trustees conducted by Gfk Business on behalf ...