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Canada Life welcomes HMRC’s DOTAS legislation

HMRC’s tax guidance provides welcome clarity around the use of mainstream estate planning solutions, such as flexible reversionary trusts,” says Sean Christian, MD & Executive Director - International Businesses, Canada Life International.

Sean Christian said:

The new Disclosure of Tax Avoidance Schemes (DOTAS) legislation enables HMRC to crackdown on aggressive tax avoidance schemes, while the guidance also provides clarity on acceptable arrangements. Using the guidance, advisers can be absolutely clear and confident that the solutions they recommend will not fall foul of the new rules. In our judgement, HMRC has made the right call about what’s acceptable.

For us this is welcome news. Advisers using our Wealth Preservation Trust, commonly known as a flexible reversionary trust, are attracted by the ability to gift money while retaining an entitlement to periodic payments if required in the future. For those advisers, this guidance gives even greater assurance that using trusts of this nature is acceptable estate planning for HMRC.

The new guidance can be found at https://www.gov.uk/government/publications/disclosure-of-tax-avoidance-schemes-inheritance-tax.

Canada Life has been writing flexible reversionary trusts since 1991 and this structure is available through Canada Life International and Canada Life International Assurance (Ireland).

Wealth Preservation Trust includes:

Wealth Preservation Account 
Wealth Preservation Europe Account 


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Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.

Stonehaven UK Limited and MGM Advantage Life Limited, trading as Canada Life, are subsidiaries of The Canada Life Group (U.K.) Limited. Stonehaven UK Ltd is authorised and regulated by the Financial Conduct Authority. MGM Advantage Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.