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&#39Budget changes will not affect ScotEq RIT&#39

Scottish Equitable says changes to the taxation of gifts with a reservation announced in the Budget will not affect the relaunch of its reserved interest trust.

The company says the product is the first discounted gift trust to allow a choice in the way withdrawals from capital are made.

The RIT allows investors to potentially reduce the amount of inheritance tax payable on their estate after death while at the same time allowing them to take regular withdrawals from their capital for a pre-determined number of years.

The Budget had threatened to tax all gifts with a reservation but ScotEq says discussions with the ABI and the Inland Revenue have clarified that only aggressive inheritance tax avoidance schemes are likely to be affected.

Technical manager Margaret Jago says: “The reserved interest trust enables clients to access their capital and reduce their potential inheritance tax at the same time, which is the ideal solution for many retired people.

“Dealing with inheritance tax often means that clients have to give away their capital and lose access to it ironically during retirement when they are relying on it.”


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