Inheritance Tax: Simplifying Charges on Trusts
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The Exchequer Secretary to the Treasury (Mr David Gauke)
HM Revenue and Customs (HMRC) is today announcing the publication of a consultation document “Inheritance Tax: Simplifying charges on trusts” which explores options for simplifying the calculation of inheritance tax charges on trusts.
The Government recognise that these calculations can be complex and time consuming and for some smaller trusts in particular the professional costs involved can often be disproportionately large compared to the tax at stake. The consultation is seeking views on ways of applying the charges without creating undue burdens for trustees where it can be done fairly and without loss to the Exchequer.
The consultation document has been deposited in the Libraries of both Houses and is available on the HMRC website.