“Trusts established before that date should retain their excluded property status to avoid penalties for those who set them up under different tax expectations, it suggests. Furthermore, Step believes individuals should not be subject to worldwide IHT in a year when they are no longer residing in the UK,” it added.
Step confirmed it has already submitted comments to the government for consideration ahead of the Budget, proposing modifications to ensure fairness and consistency with current rules.
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alina.khan@ft.com
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