The death of trusts

 Figures published by HMRC have showed the number of trusts required to declare their income declined by almost one-fifth between 2008-09 and 2012-13. Reforms to the tax regime have contributed to the decline, which has resulted in the tax paid by trusts falling below £1bn. The most significant factor is believed by industry insiders to have been the introduction of a transferable nil-rate IHT band say Harris & Co accountants Northampton.