Earlier this year, the government announced a crackdown on the use of certain trusts set up to mitigate Inheritance Tax (IHT) bills. Over the next few months, following much lobbying from dismayed legal and financial services industries, not to mention the public, there was a considerable amount of back tracking.
Even so, now that the various amended changes have become law, IHT specialists are still trying to grapple with complex rules that are now applicable to accumulation and maintenance trusts, interest-in-possession trusts and life insurance policies written in trust….
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