GAAR Advisory Panel opinion of 29 October 2024: Reducing the value of an estate for Inheritance Tax and avoiding Inheritance Tax on a lifetime transfer by acquiring shares in a company and gifting those shares to an employee trust

On 29 October 2024, the GAAR Advisory Panel issued an opinion regarding tax avoidance arrangements. The opinion states that entering into and carrying out the tax arrangements in question are not reasonable courses of action in relation to the relevant Inheritance Tax provisions, specifically addressing methods to reduce estate value for inheritance tax and avoid taxes on lifetime transfers by gifting shares to employee trusts.