New Clause 5 — Inheritance Tax: Mitigation of Double Charges

Part of Orders of the Day — Finance Bill – in the House of Commons at 3:45 pm on 6 July 2005.

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Photo of Geoffrey Clifton-Brown Geoffrey Clifton-Brown Opposition Deputy Chief Whip (Commons) 3:45, 6 July 2005

The Paymaster General may have misunderstood the import of what she is doing in such elections. I understand that some form of court order will be required to break such trusts. That is the only way a trust can be broken. Therefore while she may have mitigated the tax problems, she has not dealt with the future problem of double taxation—the fine—if a second death occurs after the trust is in place.