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Technical articles | 01 Sep 2006
The position following the enactment of Finance Act 2006.  Section 156 and Schedule 20 Finance Act 2006 introduce new inheritance tax rules for trusts which that were first announced in the Budget on 22 March 2006.  The radical proposals stimulated a great deal of concern and deba...
Technical articles | 01 Sep 2006
Under the Finance Act 2006, a settlement for a minor child creates a settlor-interested settlement for CGT purposes (as well as income tax, which was always the case). The result is that the settlor is liable for capital gains tax, not the trust. However, this rule change only applies to se...
Technical articles | 01 Sep 2006
The well-publicised inheritance tax (IHT) and capital gains tax (CGT) changes to trust taxation in schedule 20 of the Finance Act 2006 have a substantial impact on the products used by our profession. This is a brief note of some of the areas to be considered.
Technical articles | 01 Aug 2006
Robin Ali considers the impact of a landmark ruling affecting the inheritance tax position of landowners for financial advisers working in IHT and estate planning.  Many readers will know the basis under which owners of agricultural property may receive relief against inheritance tax (...
Technical articles | 01 Aug 2006
The "relevant property" rules (that is, the discretionary trust IHT rules) apply to all new lifetime trusts created on or after ...
Technical articles | 01 Jul 2006
The Chancellor's unexpected proposals on inheritance tax and trusts, announced in the 2006 Budget, have rocked tax-planners using new trusts and, in some cases, the trustees of existing trusts.  For some of these trusts, investment planning may have been put on the back burner pending ...
Technical articles | 01 Jun 2006
The new trust regime treats interest-in-possession trusts and discretionary trusts in the same way, that is, trust assets are subject to periodic and exit charges. The calculation of the periodic charge takes account of chargeable transfers made by the settlor in the seven years before the ...
Technical articles | 01 Jun 2006
Amendments to the bill will effectively keep life policies under interest-in-possession trusts outside ...
Technical articles | 01 Jun 2006
Under the original proposals, a trust set up on a parent's death for a minor child had to give the child ...
 

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