Millions of trusts face tax sting from Brown's reform

Fortescue, Sam
June 2006
Farmers Weekly;6/16/2006, Vol. 144 Issue 24, p24
Trade Publication
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.


Related Articles

  • Budget might trigger rise in interest rates. Harris, Robert // Farmers Weekly;3/18/2005, Vol. 142 Issue 11, p19 

    Reports on the possible short term rise of the budget in interest rates of Chancellor Gordon Brown as of March 18, 2005. Remarks from Alun Powell, senior economist at HSBC, on the budget for the week March 18 to 24, 2005; Advantages of an increase in tax credits and threshold inheritance tax...

  • UK finances are in a mess.  // Farmers Weekly;3/3/2006, Vol. 144 Issue 9, p65 

    The article focuses on issues related to finance in Great Britain as of March 2006. With outstanding production levels in countries with low wages and costs, Western manufacturers have been forced to keep their prices down. Chancellor Gordon Brown claims of low inflation, low interest rates, low...

  • Chancellor's tax on trusts threatens family assets. Fostescue, Sam // Farmers Weekly;3/31/2006, Vol. 144 Issue 13, p23 

    The article reports on the potential impact of the 10th Budget proposed by British Chancellor Gordon Brown on farmers. The budget suggests that assets transferred into trusts will incur an immediate inheritance tax charge of 20%. Another element of the Budget proposal appears to mean that...

  • How do you think this year's Budget will affect your finances?  // Mortgage Strategy;4/2/2007, p29 

    The article discusses the mortgage industry and Inheritance Tax of Chancellor of the Exchequer Gordon Brown's financial policy in 2007 budget in Great Britain. It mentioned that Brown has cut the income tax by 2%, but he dismissed to lower 10p tax rate. One of the respondent was disappointed...

  • Pet shock ploy as Brown homes in on trusts. Shaw, Sam // Money Marketing;3/23/2006, p1 

    The article reports on the move of British Chancellor Gordon Brown to rewrite the rules on inheritance tax. Brown has abolished potentially exempt transfers for gifts to trusts. The revised rules state that people with accumulation and maintenance trusts or interest in possession trusts will be...

  • Budget 2003: The response.  // Accountancy;May2003, Vol. 131 Issue 1317, p16 

    This article presents information on Chancellor Gordon Brown's budget speech in Great Britain for the year 2003. There were areas of concern for the business world, such as threatened changes to the stamp duty regime for commercial properties as a result of what the chancellor sees as tax...

  • Brown reckoned to be moving to axe or tax Asps. Salmon, James // Money Marketing;10/12/2006, p3 

    The article reports on the plan of Chancellor Gordon Brown of the Her Majesty's Treasury to reduce the attractiveness of secured pensions or scarp them for the 2006 pre-budget report in Great Britain. The treasury has originally raised concern in September 2006 by warning the publication that it...

  • Estate tax viewed as big ag issue of 2010.  // Texas Agriculture Magazine;1/15/2010, Vol. 25 Issue 11, p9 

    The article reports on the possible controversy regarding the implementation of estate tax among farmers and ranchers in 2010 in Texas.

  • Avoiding the tax traps. Markham, Gary // Crops;8/02/2003, p16 

    This article presents suggestions of the author to farmers in Great Britain for avoiding tax traps arising out of the single farm payment (SFP). Unlike the IACS payment, the SFP will not be treated as a sale subsidy. Rather it will be brought into farmers' accounts probably on an accruals basis....


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics