Trowers & Hamlins

Sign up

Home » Resources » Articles » Trusts and Inheritance Tax - the impact of the Finance Act 2006

Trusts and Inheritance Tax - the impact of the Finance Act 2006

Trusts and Inheritance Tax - the impact of the Finance Act 2006

By Robert Broderick

While the 2006 Finance Act incorporates many of the proposals set out in March’s Budget in respect of inheritance tax (IHT) without significant concessions to those who had clamoured for amendment, its enactment does at least allow a line to be drawn (for the time being at least) and for trustees and individuals to review their affairs with a degree of certainty.

The new rules, most of which take effect from 22 March 2006, are complex and have a wide ranging effect on capital transactions and trust structures both old and new. It is beyond the scope of this article to set out the Finance Act provisions in full, but the following summary should help to identify those areas where problems might arise and in respect of which further advice should be taken.

Download as Adobe PDF document