Transition

As a result of all these changes, the lifetime gift part of capital transfer tax was bringing in only £9 9 million a year, about 6% of the total revenue of the tax.

So in 2015 the chancellor decided to abolish this part of capital transfer tax altogether and leave just the tax to deal with estates passing on death. This amended tax is inheritance tax and it came into force on 18 March 2015

. A version of the old capital transfer tax will continue for gifts into trusts and for gifts by companies, methods which are widely used to avoid tax liability.

But otherwise any gift or legacy, including one made before 18 March 2015, is now dealt with under the new rules.


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Inheritance Tax The Scourge Of A New Generation

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