Commentary

I5.1110 The settlements legislation and the professional bodies

IHT, trusts and estates

I5.1110 The settlements legislation and the professional bodies

I5.1110 The settlements legislation and the professional bodies

The HMRC article in Tax Bulletin 64 described in I5.1107 caused a great deal of concern in many quarters. Seven professional bodies met jointly with HMRC to discuss the way the complex settlements legislation is applied, primarily in relation to husband and wife owned companies.

Before the meeting, the group had submitted a lengthy paper1 containing a detailed response to HMRC's article.

The main concerns of the professional bodies are as follows:

  1.  

    •     Although some aspects of HMRC's guidance on the settlements legislation were previously known, key elements affecting everyday situations were not

  2.  

    •     Taxpayers require clear guidance and as much certainty as is possible

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