Trustees - Don't get caught out | Fisher German

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News article

Trustees - Don't get caught out!

November 2015

rural consultancy news

Trustees should plan ahead for charges which come into effect as early as March 2016.

As a trustee it is important to have a professionally prepared valuation of trust assets by a registered RICS valuer in advance of the 10 yearly anniversary charge.  Under the Finance Act 2006 the 'relevant property regime' was introduced, affecting most trusts. The changes introduced in March 2006 affect trusts in two ways, firstly a system for levying inheritance tax on trusts which require tax to be paid on the value of trust assets every 10 years, and secondly there is an exit charge payable when an asset leaves a trust.  The rates of taxation are complicated to calculate and could have a maximum of a 6% charge on the value in question.

Assets transferred into a lifetime trust on or after 22 March 2006 are subject to the relevant property regime, as too are discretionary trusts created prior to 22 March 2006.  So if you are a trustee you need to act now to plan ahead for charges which come into effect as early as March 2016.

Fisher German have extensive knowledge in valuing rural and commercial property and have a dedicated valuation team to ensure you have valuation report to present to HMRC on inspection.

If you have any queries or need further advice, please contact Holly Richardson-Parry on 07501 720416 or email here

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