Labour will carry out a comprehensive review of tax planning schemes, including the use of deeds of variation on wills, should the party get to power following the general elections, shadow chancellor Ed Balls has said.
Balls (pictured) told the BBC's Andrew Marr Show on 15 February he would review every area of tax law in a bit to crack down on "systemic practices" of tax avoidance, should he become chancellor. This will include the way wills can be restructured following a person's death in order to save costs such as tax or long term care fees. Currently every adult is allowed to pass their share of an inheritance to somebody else in the same way as if the transfer had been made by the deceased. Balls comments came in the wake of a large scale tax avoidance scandal involving HSBC's Swiss branch...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
