All seems to have gone quiet on specialty debts since HM Revenue & Customs' controversial announcement on 23 January 2013 that they had changed their view on the treatment of specialty debts for inheritance tax ("IHT") purposes, to the disadvantage of the tax-payer. Fay Copeland, head of Wedlake Bell's Private Client team, reflects on the change of view and what this means for clients in her monthly column in Private Client Adviser magazine.
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This article was first published in Private Client Adviser in July/August 2013 and is reproduced by kind permission (www.privateclientadviser.co.uk).
For further information on HMRC's view on specialty debts, please see Emma Loveday's previous update by clicking here
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.