Trusts with vulnerable beneficiary – Finance Bill 2013 draft clauses
We welcome the decision to extend the vulnerable/disabled trust regime to trusts for beneficiaries in receipt of the daily living component of personal independence payment (PIP). However, the three-step definition we had proposed – involving a list of medical conditions and possible certification by a doctor/lawyer who knows the beneficiary – would have ensured that nobody needing the protection of such trusts would be left out of the statutory definition.
We also regard it as a missed opportunity that the tax rules governing such trusts, which are often inconsistent as between different taxes, have not been aligned and simplified.
Follow the link below to read LITRG's response.
Contact: Robin Williamson (please use form at http://www.litrg.org.uk/ContactUs)