CLA

The CLA has responded to HMRC’s Taxation of Trusts Consultation. HMRC are undertaking a review of all aspects of Trust taxation to see if transparency, fairness and tax neutrality can be achieved. Although Inheritance Tax is often seen as a tax on death, it also has lifetime consequences too, and we have stressed that Trusts are not usually used by members for tax mitigation but as an important tool to protect
personal and business assets both on a day-to-day basis and for the next generation. We have also highlighted areas where we believe there could be a more straightforward regime – particularly for Trusts for young people. We have also argued against some potential changes that were suggested, for example, to remove the Principal Residence Relief for some Trust beneficiaries.

The CLA has responded to the 12th June 2012 consultation that explores proposals to introduce a general anti-abuse rule to counter perceived unacceptable tax avoidance.  In its response (which is limited to how such a rule would work within inheritance tax) the CLA has suggested that the rule is unnecessary, but if introduced should replace existing anti-avoidance legislation.

This project is part of Making Environmental Stewardship More Effective (MESME).  Its aim is to contribute to the development of an approach for agri-environ

In the 2012 Budget Statement it was announced by the Chancellor that he intended
to introduce new tax charges to counter tax avoidance on the transfer of
high-value residential property. 

In the March 2012 Budget the Government announced the abolition of VAT zero-rating of approved alterations to listed dwellings, from October 2012, suggesting