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HMRC launches review of trusts

Trusts could be reformed so they no longer offer a tax advantage. HMRC has launched a review of the financial arrangements in which it calls for views on whether they are"fair".

The Revenue is concerned that trusts are letting some families pay less inheritance tax than those who do not pay accountants to set up the complex arrangements. Trusts used by taxpayers specifically for IHT purposes are flagged in the HMRC document as potentially offering an unfair advantage to people using them.

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