A review the use of deeds of variation for tax purposes was announced by the Chancellor in his Budget speech. Andrew Hasnip, Partner and Head of Private Client at The Wilkes Partnership comments: “Deeds of Variation have been with us for over 30 years now so it seems curious a review is announced merely weeks after press reports of the Miliband family using one. The results of the review will be not be reported until the autumn but any client who has received an inheritance within the last 2 years may wish to take advice now on whether they can vary that entitlement.The legislation prescribes a two year window from the date of death to do so and there will be a fear the review may reduce or withdraw the tax efficiency of Deeds of Variation.
For further information on this subject please contact Andrew Hasnip on 0121 710 5830 or email firstname.lastname@example.org. Alternatively you can read more about our tax planning, trusts, wills and probate services here.