The clampdown aims to stop the practice of people who give away assets but still enjoy the benefits of these assets, and in this way avoiding paying inheritance tax.
Anita Monteith, tax consultant at the ICAEW, told the FT that there were problems in the legislation because of omissions, technical problems with the legislation and because some of it is wrong.
‘The government’s motivation is to catch people who are trying to avoid paying IHT. Rather than addressing that, they have dreamed up an even more complicated scheme with holes in it.
‘They should scrap the whole idea and come up with targeted legislation.’
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy