HMRC refused leave to appeal unwinding of ill-timed transfer of house into trust
HM Revenue & Customs (HMRC) has been refused permission to appeal the England and Wales High Court’s decision to unwind a deed of settlement by which a married couple transferred their home into trust. The transfer was made five days after the date on which the Finance Act 2006 made such transactions liable to an immediate inheritance tax charge and subsequent ten-year anniversary charges. Mr Justice Morgan rejected HMRC’s submission that there was a prior contract between the couple to create the settlement, and also that the judgment was the first which considered where the boundary lay between a contract and a gift when determining the legal principles that applied in the case of a mistake (Der Merwe v HMRC, 2016 EWHC 790 Ch).
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