Last month we reported on the proposed inheritance
tax (IHT) changes for trusts. The professional
bodies are lobbying HMRC and the government
to reconsider the rules and we will keep you
in touch with developments. If you have a trust,
created before Budget day, there is no need
to take any immediate action as the IHT charges
will not generally take effect until 2008.
You will no doubt remember we also reported
the surprise announcement, made at the same
time as the Budget, of the proposal to bring
forward the tax return submission deadline
from 31 January to 30 September for paper
returns, and 30 November for electronic ones.
Once again the professional bodies are campaigning
against this proposed change.
We will keep you informed of developments
concerning both of these issues.
Internet Link:
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Institute of Tax (CIOT) tax return deadline
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