Tuesday, August 12, 2014

Outrage at HMRC move to charge death taxes before you're dead

Outrage at HMRC move to charge death taxes before you're dead | Mail Online:
"Outrage at move to charge death taxes before you're dead: Critics attack move and say HMRC should focus on cutting burden for ordinary people

  • A fresh row over the taxman's powers erupted last night after it emerged savers could be forced to pay inheritance duty while still alive if they are suspected of avoidance tactics.

The proposed changes would mean the taxman could extract millions of pounds from those who use complex trust funds to protect their estates.
Under so-called 'accelerated payment' laws, people thought to be using aggressive (LEGAL) schemes to avoid inheritance tax could be forced to pay the levy up front, according to an HMRC consultation document.
Officials insisted the powers would only be used to stop very wealthy people abusing the system."

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