Life Insurance. How The New Regulations Affect Policies Written In Trust.
In his spring Budget the Chancellor Gordon Brown announced swinging measures to tackle the use of Trusts being used to avoid Inheritance Tax. The immediate reaction amongst the financial and legal fraternity amounted to panic and confusion. Within ten days of the budget speech the estimates of the numbers of people that could be hit by the new anti-trust provisions hit 4.5 million.
Then, following the publication of the draft Finance Bill, the estimates fell to 1 million people. So, with specific reference to life insurance policies written in trust, whats happening?
Well firstly before we go any further, we have to make the point that this article is commentating on the position based on the first draft of the Finance Bill and itll be early July 2006 before that bill becomes law. As I write, the legislation still has to pass through parliament and its possible that the situation could change yet again. If it does I will keep you informed.
Within weeks of the budget speech, the Government retreated from its previously held position that all life policies written in trust are...
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