Tax law experts are calling for families with home loan schemes to ‘cut their losses’ and ‘urgently’ consider unwinding the complex trust set up, to get a tax refund and save their family thousands in double tax payments. Historic tax loopholes aimed at helping people reduce their inheritance tax (IHT) liabilities, could in fact cost people thousands, warn leading tax lawyers at law firm, Shakespeare Martineau. People advised to set up ‘home loan schemes’ in the 1980s, 1990s and early 2000s who expected to make savings at death, could find their loved ones paying twice due to complex tax rules. HOME LOAN SCHEMES: Homeowners could be sitting on inheritance tax ‘time bomb’ warn lawyers Shakespeare Martineau Banking & Financial Services 56 Finance Monthly.
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