Trusts anniversary

TRUSTS: Ten-year anniversary of 2006 Finance Act requires trustees to check tax position
This month sees the ten-year anniversary of the major changes in trust taxation introduced in the 2006 Finance Act. Many ‘relevant property’ trusts created after 22 March 2006 will for the first time have reporting obligations and potential inheritance tax liabilities under the ten-year periodic charges created by the bill, as most such trusts will have avoided the initial charge and exit charges by keeping settlements within the settlor’s available nil-rate band.