The death of trusts

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 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. 

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