Trusts

Trusts can be used to separate the legal ownership of assets, the control of them and the entitlement to them.  This may be beneficial for the purpose of protecting assets and for their inter-generational transfer. Particular care is required in relation to the inheritance tax treatment of trusts (and gifts to them) following the changes introduced in the Finance Act 2006, in particular to 'accumulation and maintenance' and 'life interest' trusts. Click here for more details.

We have extensive expertise in the application of different types of trusts, including UK or overseas resident trusts, that may be suitable for different circumstances.  We are involved in the investment, administration or taxation of several hundred trusts and can advise on all aspects of their formation or running.

Inheritance planning

Inheritance tax (IHT) represents a liability that almost everybody wishes to minimise, so that they can pass on as many of their assets as possible to their intended heirs. As a result of continual rises in house prices over recent years, inheritance tax will now affect most people.  IHT has sometimes been called as the most voluntary of all taxes, because there are so many routes to its avoidance.  This may be an exaggeration, but there are many steps that can be taken, with the proper preparation and advice, to mitigate the amount of tax that will have to be paid. 

As part of our wealth management services, we advise on inheritance planning and regularly review this to make sure that it is still suitable and as efficient as it can be, taking into account your wishes and changing tax legislation.