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Trusts/Tax Planning

Trusts are a way of putting assets under the control of ‘Trustees’. Trusts, just like the beneficiaries and the assets within them, come in all shapes and sizes and are just as individual.

Trusts themselves are not necessarily ‘tax efficient’, but they can help to reduce the burden of income tax, inheritance tax and capital gains, depending upon individual circumstances. Trusts can be created informally but it is always best to create a trust in writing to clarify the Trustees’ powers and duties, the beneficiaries and even the trust assets.

The type of trust will dictate the way that the trust is taxed and managed:

  • A Discretionary Trust gives total flexibility amongst the beneficiaries at the ‘discretion’ of the Trustees. 
  • A Bare Trust puts the Trustees in control of the assets but the assets belong to the beneficiary. 
  • A Vulnerable Person Trust can protect the interests of a person who is mentally or physically disabled or someone under the age of 18 years who has lost a parent through death. 
  • An Interest in Possession Trust gives the main beneficiary, the ‘life tenant’, the right to the income produced by the trust or the right to enjoy the trust assets to the exclusion of other beneficiaries. 

If you are a Trustee, a beneficiary or if you are considering creating a trust then please contact Trudy Rogers on 01635 569670 or for a review or assistance.