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Gov't extends IHT relief to Oeic switches for non-doms

by William Robins on Dec 12, 2012 at 15:00

Gov't extends IHT relief to Oeic switches for non-doms

Complete relief on inheritance tax (IHT) will be given to switches to open needed investment companies (Oeics) from trusts settled by non-domiciles.

The government will introduce a measure allowing trustees to switch UK assets held in settlements made by a non-UK domiciled person to investments in Oeics and authorised unit trusts without incurring IHT.

The amendment to the Finance Act 2003, to be brought in by next year’s Finance Act 2013, will apply retrospectively from 16 October 2002 onwards.

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