'The Budget announced new rules for two types of trust — known as “accumulation and maintenance” and “interest in possession” — that are currently exempt from the inheritance tax charges that already apply to other types of trust. It has become clear that some wealthy individuals are using these types of trust primarily as a way to shelter their wealth from inheritance tax. The Government believe that it is unfair for people to gain a tax advantage by using trusts in this manner. It has been...
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