Industry survives another onslaught

Although the laws on trusts and inheritance tax are a lot clearer there are still a number of areas that HM Revenue and Customs needs to clarify.

The laws on trusts and inheritance tax (IHT) have been through a tumultuous time in 2006 and the first few months of 2007. Last year's Finance Act introduced the most radical changes to the IHT and trust industry for 20 years. So it was with a little trepidation that the industry listened to the Chancellor's eleventh Budget speech on the 21 March 2007. Thankfully it looks like Gordon Brown's broadly neutral baudget has meant that the industry has survived another onslaught. However, it did not go so far as to address all of the outstanding issues raised by last year's announcements and ther...