Trusts

As previously announced, following consultation, the government will not introduce a single settlement nil rate band, although it will introduce new rules to target avoidance through the use of multiple trusts (pilot trusts).

Draft legislation was published on 10 December 2014. This has been revised following the consultation responses that were received since Summer 2014.

The measure relating to same day additions will apply to all charges arising on or after the date of Royal Assent in respect of relevant property trusts created on or after the publication of draft legislation on 10 December 2014. To prevent forestalling, it will also apply to relevant property trusts created before 10 December 2014 where there are additions made on or after 10 December 2014 to more than one relevant property trust on the same day.

The new rule about same day additions to trusts created before 10 December 2014 will not apply to a will executed before 10 December 2014 but this exclusion will be limited to deaths before 6 April 2017.

In summary, individuals will no longer have the advantage of multiple nil rate bands by creating multiple trusts but they will be able to settle property up to the value of the nil-rate band into trust every seven years.

<Jul 2018>
MTWTFSS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
29
30
31

Jul 15

No events today
Are there any areas you think we could improve on? Nothing, everything's great. Everyone we deal with could not be more helpful. Do we deliver a fast and efficient service? Yes.  We just appreciate how very professional your service is. What's the best thing about Dodd & Co? The way Alan and other staff look after us.
-- Roger Coy