Chancellor Jeremy Hunt has rejected calls to reduce inheritance tax in his autumn statement. Instead, he has decided to leave rates and allowances at the same level as they have been for the last three years. Inheritance tax is set at 40% and becomes payable once the tax-free threshold of £325,000 has been passed. There
Trusts can be created for a number of different reasons. They are commonly created in a Will and can also be created during a person’s lifetime. This may be for tax or other plnning purposes and we can advise on the options that are available to you in your circumstances.
Talk to one of our friendly and experienced team on 01582 514000
The rules can be complex and it is important to understand and seek advice as to the best type of Trust for you to establish.
We prepare the Trust documents and can assist with the ongoing administration of the Trust if required. We can also assist Trustees to ensure their role and duties are understood in the ongoing administration of a Trust.
Once established a Trust is under the control of Trustees who manage the Trust according to the Will or instructions when the Trust was established.
Common reasons for setting up a Trust will include:-
- Protecting against care fees in the future.
- Providing for children or partners from different relationships.
- As part of ongoing tax planning.
- Tax-efficient funding of private education for grandchildren.