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Trusts update

  • Finance Act 2002
  • IHT reporting rules
  • Recent cases



    by Catherine Sanders
  • 16 August 2002

    The Finance Act 2002 received Royal Assent on 24 July, bringing into force the changes announced in the Chancellor’s April budget. Despite gloomy predictions about sweeping changes to the inheritance tax regime, such as the abolition of PETS, this was not a bad budget for tax planners, although a review of the tax treatment of non-domiciliaries was announced and is now under way. A general (and long overdue) overhaul of the stamp duty legislation was also announced, with reforms likely next year. Inheritance tax (IHT) The Finance Act increases the IHT nil rate band from £242,000 to £250,000, effective from 6 April 2002. There are two other important provisions affecting IHT. Deeds of variation Sections 52 and 120 provide that for deeds of variation of wills or intestacies made on or after 1 August 2002, it will no longer be necessary to submit an election to the Inland Revenue for the deed to be effective for capital gains tax and IHT pur...

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