Trusts are a mechanism which allow individuals to benefit from the assets whilst others (the trustees) have the legal ownership and day-to-day control over the assets. A trust can be extremely flexible and have an existence totally independent of the person who established it and those who benefit from it.
Read this fact sheet on trusts to find out more about:-
The two basic types of trusts
- Life interest trusts
- Discretionary trusts
The fact sheet on trusts also outlines:-
- Inheritance tax consequences
- Impact of changes in Inheritance tax (IHT) regime from 22nd March 2006
- Relevant property trusts
- Trusts which are not relevant property
- Capital gains tax (CGT) consequences
- Income tax consequences
- When is the use of a trust appropriate?
If you would like to discuss the use of trusts for you and family, please do get in touch with the tax team at DRG Chartered Accountants.
DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.