Accumulating our money
The Chancellor announced plans to apply a triple tax to trusts set up to enable beneficiaries to avoid inheritance tax.
"Accumulation and maintenance trusts" are set up by parents and grandparents wanting to bequeath assets free of tax while preventing them from being squandered.
The action against the trusts is retrospective, forcing people to reorganise their financial affairs or leave their heirs with an unexpected tax bill.
Maurice Fitzpatrick, of the accountants Grant Thornton, said: “This is the big story of the Budget. Thousands of people in Middle England routinely use this technique each year. It’s quite commonplace among families with assets including homes in the £500,000 to £1.5 million range
“The Chancellor has spoken of alleviating the inheritance tax burden for middle-income families yet is penalising those who thought they had secured a future for their family. The measure is retrospective for many trusts, laying to waste the carefully laid plans of a generation.”
He can't be doing with people actually providing for and paying for their children, that is the state's job - remember he can spend your money more wisely on your children than you can.