HMRC wants disclosure of new IHT avoidance schemes
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The Government has proposed widening the disclosure of tax avoidance regime to include inheritance tax by requiring providers to disclose “new and innovative” schemes.
In a consultation on inheritance tax disclosure, published this week, the Government says HM Revenue & Customs wants to be made aware of new sch-emes set up to mitigate inheritance tax although existing schemes will be exempt.
The paper says: “In order to restrict disclosures to new and innovative schemes, the draft amending regulations contain a grandfathering rule that would exempt from disclosure any scheme of the same or substantially the same description as a scheme that was first made available for implementation before a given date.”
Fidelity International director of tax and trust planning Paul Kennedy says: “The Government is saying anything new and innovative that happens, we would like to hear about it before you get on and do it.”
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