Plans by the Treasury to bring in new tax rules on income earned from the
assets of possession trusts will harm the preservation of historic homes in the
UK, according to the Historic Houses Association.
Under proposals, taxpayers seeking to put possessions in so-called ‘interest
in possession trusts’ will pay a 20% inheritance tax charge on the value of
anything over the Inland Revenue’s inheritance tax limit. In addition, a 6%
‘tenure’ tax is also payable every ten years.
Previously creators of such trusts had only to pay capital gains tax on
creation of the trust and then inheritance tax, The Times reported.
The HHA said the proposed changes would deter people from setting up such
trusts. James Hervey-Bathurst, president of the HHA, said it was ‘the trust
system, combined with the other heritage, land and business property-related
reliefs’ which were responsible for conserving ‘Britain’s unique heritage’.
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