June Budget – Asbestos Victims
The Government is to legislate to ensure that the trustees of certain trusts that have been established to help victims of asbestos will be exempt from capital gains tax, inheritance tax and income tax.
The trusts that will benefit are those set up on or before 23 March 2010 as part of an arrangement made by a company with its creditors and specifically to pay compensation to, or in respect of, individuals with asbestos related conditions.
This measure, originally announced earlier in the year, will have effect from 6 April 2006. The relevant legislation will be included in the next Finance Bill.