TITLE

Millions of trusts face tax sting from Brown's reform

AUTHOR(S)
Fortescue, Sam
PUB. DATE
June 2006
SOURCE
Farmers Weekly;6/16/2006, Vol. 144 Issue 24, p24
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the impact of the proposed changes to trusts by Chancellor of the Exchequer Gordon Brown on farmers in Great Britain. The Chancellor's raid on trusts was launched in his March Budget, which proposed 20% inheritance tax on assets being placed in trust and a further levy of 6% every 10 years. The Chancellor also lowered the tax burden on assets placed in trust for a minor through a will, so it will still be possible for such trusts to escape tax altogether until the beneficiary's 18th birthday.
ACCESSION #
21475384

 

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