Can Trusts reduce or eliminate the Tax I pay?
Trusts have been instrumental in mitigating tax since Medieval times. Initially created for the Nobility and wealthy landowners to avoid paying taxes to the Crown. Their introduction led to a discernible loss of tax revenue and it did not take long for the first anti-avoidance statute to be introduced by Henry VIII in 1535.
Since then, there have been many changes to Trusts and their uses and equally to the Inland Revenue rules which affect them.
Nowadays, you don't have to be a Nobleman, or a wealthy landowner to want to take advantage of the many tax strategies Trusts can provide.
At Custodis we are able to look in detail with you at using Trusts to ensure that the right person inherits your estate - even if that person has not even been born yet! Or to protect your home from being sold from under you to pay for Care Home costs, in the event of you becoming dependent on a care home in your old age. We can also look at how to use Trusts as a means of mitigating tax which could otherwise be payable.
There are four types of tax which may affect you and your estate:
- Corporation Tax
- Capital Gains Tax
- Inheritance Tax
- Income Tax
Whether you own your business and your concern is Corporation Tax, own property or hold other forms of assets which could fall prey to Capital Gains Tax, or are at risk of Inheritance Tax affecting your next generation, Custodis can provide you with the expert tax planning to preserve as much as possible of your assets from the tax man.
Custodis Limited are experts in providing advice on all aspects of tax planning and the use of Trusts, which provide ultimate tax savings.
