This will benefit those who marry or form a civil partnership with someone who was born outside the UK, for example.
One of the most hideously complex corners of IHT, the 10 year charge and exit charge calculations for IHT in discretionary trusts, is to be simplified. We await the consultation for details.
This could be good news for trustees and beneficiaries of these trusts, of which there are thousands in the UK. HMRC statistics show that 101,000 of these types of trust filed tax returns in 2009/10.
I would also welcome the moves by the Chancellor regarding the general anti-avoidance rule.
The direction of travel towards a more limited form of the GAAR was set out in the Aaronson report in November last year.
Those people who are endorsing sensible tax planning should have nothing to fear if the recommendations in that report are implemented, which target schemes which are artificial or contrived.
Financial advisers recommending tried-and-tested routes to mitigate UK tax for their clients should not be affected.
