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30 May 2018

Trustees and the Requirement to Correct Rule

The Finance (No 2) Act 2017 requires disclosure of acts of historic non-compliance to HMRC by 30 September 2018. These provisions are known as the requirement to correct rule.

Trustees should be considering how they may be affected by this rule. In particular, the rule covers the obligations upon trustees to report and settle inheritance tax ten yearly charges.

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Smita Edwards, Senior Partner
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