Proposed Trust and Tax
Return Changes
Last month we reported on the
proposed inheritance tax (IHT) changes for trusts.
The professional bodies are lobbying HMRC and
the government to reconsider the rules and we
will keep you in touch with developments. If
you have a trust, created before Budget day,
there is no need to take any immediate action
as the IHT charges will not generally take effect
until 2008.
You will no doubt remember we also reported
the surprise announcement, made at the same time
as the Budget, of the proposal to bring forward
the tax return submission deadline from 31 January
to 30 September for paper returns, and 30 November
for electronic ones. Once again the professional
bodies are campaigning against this proposed
change.
We will keep you informed of developments concerning
both of these issues.
Internet Link:
Chartered
Institute of Tax (CIOT) tax return deadline
article and CIOT trust article.
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