Respondents gave a cautious welcome to HMRC’s aim to reduce complexity
HMRC is planning a further consultation on inheritance tax charges applying to trusts. Respondents to last July’s consultation on ‘simplifying charges on trusts’ welcomed HMRC’s aim to reduce complexity, but some urged caution when considering adjustments to the relevant property regime, HMRC said.
The further consultation will ask stakeholders to consider specific options for reform, including a simplified method of calculating the ten yearly and exit charges; clearer rules around the accumulation of income; and the alignment of IHT trust charges filing and payment dates.
Respondents gave a cautious welcome to HMRC’s aim to reduce complexity
HMRC is planning a further consultation on inheritance tax charges applying to trusts. Respondents to last July’s consultation on ‘simplifying charges on trusts’ welcomed HMRC’s aim to reduce complexity, but some urged caution when considering adjustments to the relevant property regime, HMRC said.
The further consultation will ask stakeholders to consider specific options for reform, including a simplified method of calculating the ten yearly and exit charges; clearer rules around the accumulation of income; and the alignment of IHT trust charges filing and payment dates.
