Proposed new tax on double trusts

[pilgrim]

I have a double trust scheme in force on my PPR.
Can you please tell me if the proposed new tax will
apply if I cease to live in the house for six months of the year ? ( and it remains empty,) Also. will the tax apply if the house is no longer my PPR. Any advise will be gratefully received

[Ian McTernan CTA]

Haven't been through the legislation yet but I would assume that ideas such as this will be caught in the new rules.

Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com

[Taxbar]

Dear Pilgrim,

Have you read my articles on this subject in my section of this website UK & International Tax Law under info to the right of this page.

The tax is based on giving away a gift and reserving a benefit fir inheritance tax not on whether the house qualifies for PPR.

The level of that benefit is different in each case and you need specific advice.

You might also want to join my fighting fund explained in my article to try and have this new measure rules unlawful because of its retrospective nature.
It's too early just to give in and face the tax and you have until January 31st 2007 to elect to ignore the whole thing and keep the house in your estate and avoid any income tax bill!

I would avise any Double Trust clients and advisers to read my articles and consider joining the fight!



Daniel M Feingold
Barrister-at-law (NP)
Strategic Tax Planning
International & UK Tax Consultants
Treen House 72 Park Road,
Prestwich Manchester M25 OFA
E-mail:sedrate@easynet.co.uk