Intestate
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Changes in Tax Law for Trusts.
Over the years many people have set up trusts and in so doing have realised their potential to preserve assets in the event of death.
With the HMRC Proposing new tax laws for trusts many wealthy individuals, especially the elderly, may seek alternative safe havens for their investments, some warn that living outside the UK may be an option in order to prevent their assets being eroded by Inheritance tax.
Plans by the government to 'simplify' the rules on Tax in relation to trusts look like they will succeed in devaluing a trust's effectiveness in transferring assets to future generations; it has also made it more attractive to gift money earlier, which may be fraught with other dangers, and not the most desirable option.
The new rules will prevent people from setting up multiple trusts for their beneficiaries, utilising each trust's £325,000 tax free allowance.
The new rules which may start in 2015, will restrict an individual to a single allowance of £325,000, with penalties possible for those that exceed the allowance.
This proposed new measure is definitely a nail in the coffin of trusts, with the government looking for a consistent approach for those transferring assets on death and those using trusts.
Whilst Inheritance Tax is an extremely emotive tax it is expensive for the government to administer and yields relatively small revenue, with the UK in the minority of countries that still use this tax.
Because of the rise in property prices more and more estates are becoming liable for IHT, it will be interesting what tax advice people will receive in the future, with speculation that some may form companies to hold assets, by purchasing bonds offshore, or in fact moving. All of these options I am sure will not be considered by all as they are extreme, but for the very wealthy a possibility.
The danger of the changes is the potential unintended and undesirable consequences.
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