The Impact of the Finance Bill 2013 on Trusts for Bereaved Minors
The Finance Bill 2013 proposes changes affecting Bereaved Minors Trusts, established under the Finance Act 2006 to benefit minors under 18. New rules would restrict trustees’ powers under Section 32 of the Trustee Act 1925, potentially requiring court intervention and increasing costs to the trust. Such changes could disadvantage bereaved minors by reducing their inheritance through added tax liabilities and administration expenses.