Government aims to maintain special tax treatment beyond planned reform of Disability Living Allowance
HMRC is seeking views on how best to define a vulnerable beneficiary for tax purposes following changes introduced by the Welfare Reform Act 2012, and has invited comments on proposed changes to remove inconsistencies between tax regimes in the qualifying conditions for vulnerable beneficiary trusts.
‘The government recognises the importance of trusts as a means of making sensible provision for those in need; and supports the need to have special tax rules for trusts that provide for the most vulnerable people in our society,’ Exchequer Secretary David Gauke said in a foreword to the consultation paper published today. ‘I encourage you to read this consultation paper with interest, and work with us to explore options and inform decisions on how vulnerable beneficiary trusts are best defined in a way that, in line with our vision of the tax system, is fair, efficient and simple.’
Government aims to maintain special tax treatment beyond planned reform of Disability Living Allowance
HMRC is seeking views on how best to define a vulnerable beneficiary for tax purposes following changes introduced by the Welfare Reform Act 2012, and has invited comments on proposed changes to remove inconsistencies between tax regimes in the qualifying conditions for vulnerable beneficiary trusts.
‘The government recognises the importance of trusts as a means of making sensible provision for those in need; and supports the need to have special tax rules for trusts that provide for the most vulnerable people in our society,’ Exchequer Secretary David Gauke said in a foreword to the consultation paper published today. ‘I encourage you to read this consultation paper with interest, and work with us to explore options and inform decisions on how vulnerable beneficiary trusts are best defined in a way that, in line with our vision of the tax system, is fair, efficient and simple.’
