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    Time to Review Your Discretionary Trust?

    When the Finance Act 2006 came into force, it introduced a ten-year charge on discretionary trusts containing 'relevant property'. Most discretionary trusts that were started after 21 March 2006, other than those covered by specific exemptions, will carry a ten-year charge.

    If the relevant return (IHT 100) is not submitted to HM Revenue and Customs in time, penalties and interest are payable.

    The latest figures show that 75 per cent of all trusts had not filed the relevant return by the end of October 2017, which was the deadline for avoiding the imposition of penalties.

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    If you have made a trust in the past or are the beneficiary of a trust and are concerned that its tax affairs may not be up to date, contact us for advice. Ignorance of the law is very rarely held to be an acceptable reason for waiving penalties, and the penalties for non-compliance with tax law are significant.

    For further information please call one of our experts on:

    The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.