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|Friday 17th December 2010|
|17/12/2010 - Treasury considers abolishing tax relief on lifetime gifts|
The Treasury’s Office of Tax Simplification is reviewing many tax reliefs available to individuals with a view to getting rid of some of them.
Some are historic and not frequently used but one of the prime candidates for abolition on the Treasury’s shortlist is the relief granted for potential exempt transfers. This is the rule that if you give away assets then so long as you live for seven years, the gifts fall out of your estate for inheritance tax purposes. This relief is used quite often in estate planning and is a major benefit to individuals who wish to give away assets during their lifetime in order to see their descendents enjoying their inheritance. This is often seen as a right rather than a concession and if abolished an outcry will surely follow.
A final list of proposed abolitions will be available ahead of the next budget in 2011 and we will update this website as soon as any further news is received.
Jonathan Hall (Head of Wills, Trusts & Tax Department)
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