The CIOT has
commented on clause 72 of Finance Bill 2020 which provides that additions of
assets by individuals domiciled in the UK to trusts made when they were non-domiciled
cannot be excluded property and are therefore within the scope of inheritance
tax. The CIOT notes concerns that there are ‘substantial deficiencies in the
legislation as currently proposed’. The Institute also endorses the
recommendation of the ICAEW that the clause be removed from the current Finance
Bill and that HMRC conducts a formal public consultation with a view to clearer
legislation which avoids causing unreasonable practical problems for trustees.
The CIOT has
commented on clause 72 of Finance Bill 2020 which provides that additions of
assets by individuals domiciled in the UK to trusts made when they were non-domiciled
cannot be excluded property and are therefore within the scope of inheritance
tax. The CIOT notes concerns that there are ‘substantial deficiencies in the
legislation as currently proposed’. The Institute also endorses the
recommendation of the ICAEW that the clause be removed from the current Finance
Bill and that HMRC conducts a formal public consultation with a view to clearer
legislation which avoids causing unreasonable practical problems for trustees.
