THE GOVERNMENT is under increasing pressure to drop controversial changes to trust legislation which lawyers and accountants say will force more than one million wills to be rewritten, the Daily Telegraph has confirmed.
Following intervention from Conservative MPs - which IFAonline highlighted yesterday (Tuesday) - ministers will now face a Commons debate on the introduction of retrospective taxation of trusts on Tuesday. The Liberal Democrats say they also oppose the change and the Law Society is writing to all of its members urging them to write to their MP to complain about the changes, as the shake-up will cause chaos as millions of people will be forced to rewrite their wills. RESOLUTION, the closed book life fund consolidator, is said to be in talks to acquire £29bn of closed life fund assets owned...
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