HMRC consultations: what's up for review this summer?

In a typical rush of activity HMRC has issued a host of consultations for tax advisers to digest over the summer. Here are the highlights of the current batch with relevant closing dates

Inheritance tax on trusts

Issue date: 6 Jun 2014

Closing date: 29 Aug 2014

Further HMRC consultation on simplifying the calculation of inheritance tax (IHT) charges on trusts at ten-yearly intervals or when assets are transferred out of the trust, and making the way the nil-rate band is allocated as part of those calculations fairer. Taking into account the problem areas identified in responses to two earlier consultations, this latest document sets out an alternative model for applying the nil-rate band in conjunction with a simplified method of calculating the ten-year and exit charges.