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InheritanceTax review in fresh tax avoidance clampdown

The government is to step up its efforts to tackle tax avoidance and is seeking to raise £3.1 billion through new measures.

These include a review on the avoidance of inheritance tax through the use of deeds of variation, chancellor George Osborne announced in his Budget speech.

During this parliament, measures for tackling avoidance, evasion and non-compliance will have awared the HM Revenue & Customs £100 billion in additional compliance revenue.

The government will also close loopholes to make sure entrepreneurs' relief is only available for those selling businesses and stop employment intermediaries from exploiting the tax system.

The government is also planning to strengthen its anti-abuse drive by introducing a penalty based on the amount of tax that is tackled by the general anti-abuse rule (GAAR). The details are expected to be included in the next finance bill.

The Accelerated Payments regime is part of the government drive to crack down on tax avoidance, removing the cashflow advantage that users of avoidance schemes have benefited from. HMRC has continued to review cases and the Budget document stated the government's intention to issue more accelerated payment notices than was previously announced.

The government will also introduce a targeted anti-avoidance rule to 'level the playing field between the majority of companies, who follow the rules, and those others who side step them.'

The naming and shaming of avoiders will continue, while further measures will be developed to tackle repeat offenders.

David Kilshaw, EY's head of private client tax, has concerns about the planned review of deeds as a means of inheritance tax avoidance. 

'Deeds of variation are not just tax planning vehicles. They can ensure estates pass as families wish where there is no will or where circumstances have changed. When somebody dies without a will, for example, a deed of variation may ensure a widow/widower can stay in their home. 

'Over two thirds of people don’t have a will - a deed of variation can be a lifeline for their heirs and it’s vital that any anti-avoidance measures don’t remove this.'

For any concerns about planning your estate, as a Will writer in Bexhill, Battle, Hastings, Rye and anywhere else in Sussex and Kent, contact me to benefit from your Free Consultation No Obligation.

 

This message was added on Wednesday 25th March 2015

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