Trusts for tax planning
We don't often see clients who say "we want a Trust". It's much more likely that a set of circumstances means that a Trust can help to save tax.
In terms of protecting your assets and for saving tax, properly set-up Trusts are invaluable. They can ensure your assets are secured for your beneficiaries and save significant amounts of money in relation to Inheritance Tax and Capital Gains Tax. For a Trust to work efficiently, you need excellent legal, tax and investment advice, as well as good administration, all of which our team can provide.
- The value of your estate might exceed the inheritance tax (IHT) threshold and you want to save IHT.
- You might have assets which you want to pass onto family, but they have capital gains which would mean tax is due if you transfer them.
- You might have a pension lump sum or death in service benefit due on your death.
- You have an IHT liability and are putting in place life cover to meet this.
- You are looking for ways to protect business assets for the next generations.
This list is not exhaustive, but are all examples of situations where a Trust might help save significant amounts of tax.
