As part of a series of amendments to proposed tax rules on trusts, disabled
people will be exempt from a new 20% inheritance tax on gifts paid into their
trusts, the Treasury has decided.
The exemption will also apply to people with degenerative diseases, including
those suffering from Alzheimer’s.
The amendments are to be made to proposals which are part of a wider plan to
net more taxes from trusts that people set up for their spouses or children.
Pressure from accountants and lawyers who claimed the plans would have forced
millions of families to rewrite their wills and in recent weeks resulted in the
chancellor rethinking his plans.
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The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer
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