In helping you to plan for inheritance tax minimisation, it may be beneficial to consider your estate and trusts.
Trusts enable assets to be given away while still retaining some control over them. Income can be paid to different persons with the capital ultimately going to other persons.
The main types of trusts which are used for tax planning purposes are the following:
- Interest in possession trust: this type is one in which one or more of the beneficiaries has a right to receive the trust income or has the use and enjoyment of the trust fund.
- Discretionary trust: this type is one where the payment of any trust income is at the discretion of the trustees.
- Accumulation and maintenance trust: this type is a suitable vehicle where the beneficiaries are under the age of 25.
We can review your existing trusts with a view to ascertaining their current tax efficiency or review your circumstances and advise on the most efficient kind of trust to meet your requirements. We will also examine draft trust deeds to ensure that they achieve your needs and will result in the most beneficial tax advantages for you.
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Former Conservative Treasury Minister, Lord Jim O’Neil has told the BBC that gloomy predictions for the post-Brexit UK economy are likely to be ‘dwarfed’ by global growth figures surpassing expectations.
He said: “I certainly wouldn’t have thought the UK economy would be as robust as it currently seems.
“That is because some parts of the country, led by the North West, are actually doing way better than people seem to realise or appreciate.
“As well as this crucial fact, the rest of the world is also doing way better than many people would have thought a year ago, so it makes it easier for the UK.”
Meanwhile, speaking at the World Economic Forum in Davos, Stephen Schwarzman, CEO of Blackstone Group, said: “It’s a time of enormous ebullience, part of which was created by really good economic growth.”
However, also at Davos, Barclays CEO, Jes Staley warned against excessive optimism about the state of the global economy.
He said: “Equity markets are at an all-time high and volatility is at an all-time low – that is not a sustainable proposition”.