Home rules

Wakefield, Matt
March 2005
Lawyer;3/7/2005, Vol. 19 Issue 9, p28
Trade Publication
The article reports that in recent years, the Inland Revenue department of Great Britain has become increasingly frustrated by the widespread use of "artificial" schemes to save inheritance tax (IHT), in particular on the family home. There have been Ingram schemes, Eversden schemes, home loan schemes, reversionary lease schemes, and chattel leaseback schemes. The list goes on. It is estimated that as many as 30,000 Eversden schemes alone may have been implemented. In an attempt to confront what it sees as unacceptable avoidance and to send out a warning for the future, the Revenue has turned to income tax to cover up the cracks in the IHT rules.


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