HMRC’s vulnerable trusts consultation – an opportunity for useful and radical reform
HMRC’s consultation on reforming the taxation of trusts for vulnerable beneficiaries is a prime opportunity for such trusts to be tailored to the needs of the beneficiaries rather than – as hitherto – compliance with a set of rather arbitrary tax rules.
Trusts are one way to protect the property of individuals who would be at risk of exploitation if they were left to manage their own affairs. It is vital to preserve the freedom of beneficiaries and their carers to choose the most appropriate means of achieving this, without interference from an over-complex tax system.
HMRC’s consultation document can be accessed by following this link. Follow the link below to read LITRG’s response.
Contact: Robin Williamson (please use form at http://www.litrg.org.uk/ContactUs)