Inheritance Tax (IHT) & Trusts

When you are coming to the end of a rich and hard-working business career, you want to ensure that everything that you have worked so hard for is passed down in the way in which you want it to be, in the most tax efficient manner.

It is not unusual for a wealthy family to have assets held in trusts. While the tax benefits of such trusts are not what they once were, there are still advantages in using trusts when considering the tax planning for families.

Here at The Tax Faculty, our experts can assist in:

• Maximising reliefs and exemptions to minimise the ultimate liability;
• The use of trusts, to retain a degree of control while removing the assets form the person’s estate;
• Tax effective and flexible wills;
• Lifetime giving, while ensuring attendant Capital Gains Tax implications are minimised;
• Moving ownership of assets around a family for greater tax effectiveness;
• Tax planning arrangements in connection with the family home;
• Avoiding pitfalls, such as gifts with reservation of benefit and pre-owned assets;
• Tax planning and the professional business.

It is important to look ahead to the future to see if there are any events that are on the horizon that may require careful planning on order to ensure that they are dealt with efficiently in relation to taxation. By taking a proactive approach, business owners can make substantial savings.

Our experts have the specialist knowledge required to provide advice on the best way in which you can ensure that any tax planning is as efficient as possible.

In addition to dealing directly with individual client to assist with planning their tax future, our specialists have a proven track record of assisting independent practices in helping their clients.

Our experts number industry award-winners for the way in which they assist in dealing with HMRC, making The Tax Faculty the best place for pragmatic advice. All initial consultations are free of charge as we know how confusing and complex such tax planning can be, therefore we want to be sure that we are best placed to assist before you commit to our services.