TaxFriday 28 April 2023
The First-tier Tax Tribunal has handed down judgment in the case of Pride v HMRC [2023] UKFTT 316 (TC). The case concerns whether or not a “home loan double trust” inheritance tax scheme designed to remove the value of real property and/or related loan notes from an individual’s estate for inheritance tax purposes achieves its intended effect. The First-tier Tax Tribunal found that on the proper construction of the applicable legislation, including section 103 of the Finance Act 1986, which deals with the treatment of certain debts and incumbrances, the scheme failed to achieve its intended effect. The case is of wide importance given the use of home loan inheritance tax schemes in relation to real property over several years up and down the country.
Jonathan Davey KC acted for the successful respondents along with Ben Elliott of Pump Court Tax Chambers.
You can read the judgment here.
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