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HMRC’S PROPOSALS TO REFORM IHT RULES FOR TRUSTS
On 6 June 2014 HMRC published a consultation document setting out revised proposals for a settlement nil rate band and simplification of IHT charges. The consultation period ends on 29 August: our view is that it is unlikely that the proposals will be significantly changed before legislation is enacted. The aim of the proposals is to prevent taxpayers from saving IHT by setting up multiple trusts, each with a £325,000 tax-free nil rate band. HMRC’s propose to give each individual one settlemen...
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