HMRC have proposed various changes which they suggest will help to “simplify and make fairer” the calculation of trust charges. This includes entry, exit and 10 year charges including how the nil rate band is included in these calculations. There have been a number of consultation documents issued and responses published.
The most recent consultation document was published in June 2014 and runs until the end of this month. In the document HMRC are proposing:
The consultation process is still ongoing and therefore the precise outcome of the proposals is unclear. Further information will be available in the Autumn when the responses to the current consultation document will be published.
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