No-one owns their assets forever. For one reason or another, sooner or later we all must give away what we possess. The protection of wealth is relevant to an increasing number of people.
The good news is that, with careful planning and expert advice, you can take legitimate steps to minimise tax. Part of our role is to advise you on how to preserve and grow your assets. We will help you to structure your finances in a way which protects them, so far as possible, from the effects of inheritance, capital gains and income tax.
Tax & Trusts
No-one owns their assets forever. For one reason or another, sooner or later we all must give away what we possess. The trust is a flexible way of enabling this to happen, on terms that allow you or people who think the same as you (your trustees) to choose who benefits, in what way and when.
The trust is an ideal way of giving assets (such as a business, a house, or substantial investments) to people who should not take control of them immediately or perhaps ever. In that case, control stays with the trustees. Likewise, it is a way of making a gift to a group of people but leaving the decision as to how it is distributed between them to be made by the trustees at a later date, when it may be clearer who ought to benefit.
This flexibility means that a trust is frequently used as part of a scheme to minimise the burden of tax. Tax savings may of course be achieved much more easily, and in fact many of the best routes are the simplest. The protection of wealth is relevant to an increasing number of people, as the inheritance tax threshold fails to keep up with increasing house prices. Trusts may be a careful way of allowing giving early with benefits being enjoyed by your beneficiaries only at a later stage.
The good news is that, with careful planning and expert advice, you can take legitimate steps to minimise tax. Part of our role is to advise you on how to preserve and grow your assets. We will help you to structure your finances in a way which protects them, so far as possible, from the effects of inheritance, capital gains and income tax.
At Withy King, our expert trust and tax team can advise you on these and related issues. We pride ourselves on being approachable, and we try to simplify these matters as much as possible, so that we can provide advice in a way that people can understand.
For further information please contact James McNeile, Partner, or Christine Wonnacott, Assistant Solicitor on T.: 01225 425731 or email james.mcneile@withyking.co.uk; alternatively, please fill in our online enquiry form.
We also provide a joined up service allowing for completion of trust accounts and tax compliance for trustees and beneficiaries under the one roof. For further information please contact Pam Howell, Senior Tax Advisor, on T.: 01225 425731, or alternatively, please fill in our online enquiry form.
