Family Friendly Budget

A CRACKDOWN on a favourite technique for avoiding inheritance tax will hit at least 100,000 families, accountants said yesterday.

“Accumulation and maintenance trusts” are set up by parents and grandparents wanting to bequeath assets free of tax while preventing them from being squandered.

The action against the trusts is retrospective, forcing people to reorganise their financial affairs or leave their heirs with an unexpected tax bill. The Times
.