Tag: Inheritance tax

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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.

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Inheritance Tax: past, present and future

This article provides an overview of Inheritance Tax (IHT) in the UK, explaining its objectives, historical development, and current operation under the Inheritance Tax Act 1984. It critically examines the fairness and efficiency of the tax and explores proposals for reform. The content is designed to help clients understand how IHT affects estate planning and wealth transfer. For professional advice tailored to your circumstances, contact Lexlaw Solicitors.