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The private client briefing for April 2013

Speed read

Finance Bill 2013 limits the allowable deduction for loans from the value of an estate for inheritance tax purposes, with effect from the date of Royal Assent. The government’s clampdown on tax avoidance continues, with new tax information exchange agreements with Jersey and Guernsey, together with disclosure facilities for assets held in those locations. HMRC has also launched a new ‘managing serious defaulters’ programme and published its first list of deliberate tax defaulters. Finance Bill 2013 contains further changes to the proposed statutory residence test, including an additional automatic overseas test and three additional cases where split year treatment applies.

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