The Government has made a surprise announcement that it will introduce legislation in the Finance Bill 2013 which will reduce the scope for deductions to be made from the value of your estate for
The Government has made a surprise announcement that it will introduce legislation in the Finance Bill 2013 which will reduce the scope for deductions to be made from the value of your estate for inheritance tax purposes by use of deductible debts. The Government is targeting this legislation at avoidance schemes which will allow an inheritance deduction even if the liabilities are not repayable after death.
We anticipate that this legislation will block the use of what has become known as the "double trust" scheme which is being widely promoted as a solution to the new tax regime for high value UK dwellings held within offshore structures which will be introduced from next month.
This new legislation will not impact on loans on normal commercial terms secured over your property which should remain deductible for inheritance tax purposes.
We anticipate that this legislation will block the use of what has become known as the "double trust" scheme which is being widely promoted as a solution to the new tax regime for high value UK dwellings held within offshore structures which will be introduced from next month.
This new legislation will not impact on loans on normal commercial terms secured over your property which should remain deductible for inheritance tax purposes.