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Assurances on IHT don’t match up with bill, says Jelley

Skandia head of tax and financial planning Colin Jelley says the Government still needs to provide evidence to support its claim that no one who wrote a life insurance policy in trust before Budget day will pay the new inheritance tax charges.

He says recent comments in Parliament by paymaster general Dawn Primarolo are not in line with the legislation passed.

Jelley believes that Prima- rolo’s view that no one who wrote a life policy held in trust before Budget day will pay the IHT charge needs to be backed up by clarification of how the Government will ensure this is the case before the Finance Bill is finalised.

Skandia’s initial estimate was that around 4.5 million people could be affected and Jelley says this forecast remains true.

He says policies where the beneficiary changes after April 6, 2008, such as additions due to a birth, removals due to divorce or changes in business ownership, will still be affec- ted under current plans.

Jelley says: “Taxpayers need to know whether life policies held in trusts set up before the Budget are affected by the changes. For both the Revenue and Customs and ministers to say that no one who put a life policy into trust before Budget day would suffer a new IHT charge is simply not in line with the legislation being passed by Parliament.”

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