Inheritance tax: excluded property (Finance Bill 2019-21, clause 72), ICAEW REP 16/20, 20th April 2020

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In Folder: ICAEW Representations, 2020

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Inheritance tax: excluded property (Finance Bill 2019-21, clause 72), ICAEW REP 16/20, 20th April 2020

Briefing prepared by the ICAEW Tax Faculty for MPs on clause 72 of the Finance Bill 2019-21 concerning inheritance tax treatment of excluded property in trusts; explains that the clause would apply retrospectively, contrary to Parliamentary convention; highlights lack of consultation and timing issues; sets out detailed concerns on the meaning of 'property', risks of accidental tainting of excluded property trusts, and the need for a proportionate approach using equitable tracing for distributions; recommends deleting the clause and conducting a formal HMRC consultation, with any changes taking effect prospectively from Royal Assent of a subsequent Finance Bill. (AI generated description)

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description: Briefing prepared by the ICAEW Tax Faculty for MPs on clause 72 of the Finance Bill 2019-21 concerning inheritance tax treatment of excluded property in trusts; explains that the clause would apply retrospectively, contrary to Parliamentary convention; highlights lack of consultation and timing issues; sets out detailed concerns on the meaning of 'property', risks of accidental tainting of excluded property trusts, and the need for a proportionate approach using equitable tracing for distributions; recommends deleting the clause and conducting a formal HMRC consultation, with any changes taking effect prospectively from Royal Assent of a subsequent Finance Bill. (AI generated description)

title: Inheritance tax: excluded property (Finance Bill 2019-21, clause 72), ICAEW REP 16/20, 20th April 2020

creator: Tax Faculty

creator: ICAEW

subject: IHT

subject: Taxation

subject: Property taxation

subject: Residence and domicile

subject: International taxation

publisher: ICAEW

date: 2020-04-20

type: Text

format: pdf