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Was HMRC right to pull the rug from under the feet of clients ?in its U-turn on specialty debts and inheritance tax planning? Fay Copeland asks

21 June 2013

Was HMRC right to pull the rug from under the feet of clients 
in its U-turn on specialty debts and inheritance tax planning? Fay Copeland asks

How safe is tax planning in the current political climate? It's a question to ask since HMRC published an update to its inheritance tax (IHT) manual on the treatment of specialty debts for legitimate IHT purposes.

Previously, it was accepted that the main type of specialty debt (due under a deed opposed to a simple contract debt) was situated for IHT purposes where the deed was located.

However, HMRC now believes such debts are situated where the debtor lives. This has a...

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