Duke's Inheritance Prompts Calls for Tax Overhaul

The Duke of Westminster's death has prompted tax campaigners to call for an overhaul to the existing inheritance tax system.

Following his father's death, the 7^th Duke of Westminster, 25-year-old Hugh Grosvenor, is now the heir to a legacy worth more than £9 billion.

Thanks to a series of trusts thought to date back to the death of the 2^nd Duke in 1953, Hugh and his three sisters will avoid having to pay the 40% levy most ordinary families have to pay.

Pressure groups are now calling on the government to publish its central register of trusts, which names their beneficiaries and settlors. They also want an obligation to publish annual accounts for those collections of assets deemed to have public interest, such as the thousands of acres of land owned by the Grosvenor family.

Richard Murphy, the chartered accountant and political economist, said the tax arrangements of the Grosvenor family has highlighted the need for reform. He said:

"We should require that these trusts publish their annual accounts just like a private company. And we need a register of trusts.

"The need for privacy around some trusts is understandable. But where there is public interest, where they are trading, where there are substantial assets over a certain value, the accounts should be published."

If you require information or advice relating to inheritance tax, contact our specialist solicitors today. You can speak to us in complete confidence on 0161 928 5558.

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