Site RSSInheritance tax - the Revenue seeks to attack tax planning in wills.
The Phizackerly case, widely reported in the press, concerned the liability to inheritance tax in relation to a particular estate. HM Revenue & Customs sought to recover inheritance tax (IHT) from an estate where commonly used tax planning measures had been incorporated by a couple in their wills. Although the Revenue won, the application of the case is limited to its slightly unusual facts. It should not undermine tax planning wills in general but does demonstrate the Revenue’s hardened approach to the recovery of IHT.
Duncan Milwain, Lupton Fawcett LLP
If you would like to make a comment to be published about this article, please do so below. Alternatively, if you would like to discuss this article with Duncan you can call him on 0113 280 2097 or write to him at duncan.milwain@luptonfawcett.com
If you would like to make a comment to be published about this article, please do so below. Alternatively, if you would like to discuss this article with Duncan you can call him on 0113 280 2097 or write to him at duncan.milwain@luptonfawcett.com
Posted: July 4th, 2007 under Trusts Wills and Estates.
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