keeping pace
with hmrc
Would you run your tax affairs according to the rules
of a decade ago, rather than those in place today?
A worrying number of people are doing just that
By Neasa MacErlean
20
|
THE INVESTOR
IN YOUR INTEREST
W
hile many of us are
likely to be aware of
the latest model of
car or mobile phone,
tax updates attract
rather less interest – but ignorance of them
can be expensive.Take nil-rate band trusts,
which were widely used for InheritanceTax
(IHT) planning between husbands and wives.
Many felt, for tax purposes, they effectively
became redundant eight years ago when the
transferable nil-rate band was introduced.
While for some this may be the case, it is
certainly not true for all and there are many
non-tax reasons for their existence, even
though they should have been reviewed.
Families in this position may also find that
