Tuesday, August 12, 2014
A new proposed tax plan in the United Kingdom could result in wealthy individuals facing inheritance taxes before they die. The new plan is intended to prevent tax avoidance schemes by making payment due during the person’s life rather than after death. The plan will affect trusts that are suspected of being used for tax avoidance, such as offshore trusts.
See Peter Dominiczak & Dan Hyde, Savers Could Pay Death Tax While They Are Still Living, The Telegraph, Aug. 10, 2014.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.