<b>Tax News:</b> Trusts reform 'most inefficient tax ever'. By Dan Martin
HM Customs & Revenue (HMRC) will have to wait 16 years before it has collected the amount of tax equivalent to taxpayers' costs of adjusting to the government's new trusts regime, experts have claimed.
In a scathing attack on measures confirmed in last week's Finance Bill, Anne Redson, from the Chartered Institute of Taxation, said it was "arguably the least efficient tax in history."
The controversial measures have sparked massive debate since the announcement on budget day that tax will be levied on certain commonly used trusts which affect wills and insurance policy.