Trusts for vulnerable beneficiaries — changes in the Budget and possibly more to come?

As announced in the government’s Autumn Statement in 2013, last month’s Budget confirmed that from 5 December 2013 the government would remove what has been a significant capital gains tax downside that applied on the death of the vulnerable beneficiary of certain types of disabled person’s trust.

Prior to 5 December 2013, on the death of the vulnerable beneficiary, the value of the assets in the trust was not uplifted for capital gains tax purposes, leading to potentially significant future capital gains tax liabilities on the disposal of assets of the trust.

This uplift will now apply to all qualifying trusts for vulnerable beneficiaries and this change is greatly welcomed…

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