The British government doesn’t plan on changing inheritance tax support for family businesses, despite a recent report from one of the country’s top universities recommending the removal of business property relief. At a meeting with UK lobby group the Institute for Family Business, exchequer secretary David Gauke said that when the Office of Tax Simplification reviewed the country’s tax... 

The Telegraph has reported this week that thousands more elderly people will be forced to pay to stay in care homes as a result of unannounced cuts in funding. Ministers are effectively reducing the level of savings above which pensioners must meet their own fees. A Whitehall document shows that the reduction has been imposed to “raise additional revenue” and will have an “impact” on older... 

A Life Interest Trust (LIT), also known as an Interest in Possession Trust, is a document that names one or more beneficiaries to an estate and their entitlement to an income from assets held in trust over their life time. This person is known as the Life Tenant. If that asset is a house or property, then the Life Tenant is entitled to either the rental income on the property, if it is rented out,...