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Robert Leek  

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Changes to Inheritance Tax and Pilot Trusts

 

Article date:  10/09/2013

On 31 May 2013, HMRC released a consultation paper claiming to produce a simplified system of charging trusts to inheritance tax.  The consultation ended recently.

A key proposal in the consultation is aimed at individuals who set up a number of lifetime trusts (called pilot trusts) designed to reduce or eliminate entirely the ongoing inheritance tax charges on the trusts. 

The proposals have been the subject of representations by various professional bodies.  These bodies include the Society of Trust and Estate Practitioners UK Practice Committee of which Higgs & Sons partner, Lucy Obrey, is a member and by the Law Society Wills and Equity Committee of which partner, Ian Bond is a member. 

The outcome of the consultation is now awaited.  Once the outcome is known, individuals who have entered into the planning in question will need to review their affairs accordingly.

The highly acclaimed private client team at Higgs & Sons suggests that clients prepare for a review of their estate, family affairs and existing wealth succession and protection arrangements following recent proposed changes in taxation legislation.

We seek to maximise the use of all available reliefs and exemptions as allowed by the ever changing IHT legislation - "we play by the rules" and clients get peace of mind that they have provided for the preservation of their wealth for the generations to come.

Higgs & Sons works from two offices in the Black Country - Waterfront Business Park in Brierley Hill and Kingswinford. The firm employs more than 200 people, which includes over 100 specialist lawyers.

For more information regarding pilot trusts and inheritance tax contact Robert Leek at Higgs & Sons on 0854 111 5050 or email robert.leek@higgsandsons.co.uk

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