New rules were recently introduced by the Inland Revenue to try to combat tax planning schemes undertaken by individuals during previous years.
These rules mean that if you have given an asset away but continue to enjoy a benefit from it, you may suffer a charge to income tax on the value of the asset you have given away.
Alexander Harris Solicitors specialise in Wills, Trust and Probate said:
Many couples are concerned that these new rules will affect any tax planning put in place via their Wills. In most circumstances this will not be the case, but it is always worthwhile just getting the position checked to make sure you are properly protected.
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