Last month we reported on the proposed inheritance tax (IHT)
changes for trusts. The professional bodies are lobbying
HMRC and the government to reconsider the rules and we will
keep you in touch with developments. If you have a trust,
created before Budget day, there is no need to take any immediate
action as the IHT charges will not generally take effect
until 2008.
You will no doubt remember we also reported the surprise
announcement, made at the same time as the Budget, of the
proposal to bring forward the tax return submission deadline
from 31 January to 30 September for paper returns, and 30
November for electronic ones. Once again the professional
bodies are campaigning against this proposed change.
We will keep you informed of developments concerning both
of these issues.
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Institute of Tax (CIOT) tax return deadline article and CIOT trust article
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