The following Trusts and Inheritance Tax guidance note by Tolley in association with Emma Haley at Boodle Hatfield LLP provides comprehensive and up to date tax information covering:
Trusts have a long history of use as a means for people to
protect their assets and to control their management as well as how those assets are transferred
to others. The elements of protection and control are key to understanding the reasons why
people use trusts. Flexibility is also an important factor. Finally, tax issues may influence
the use of a trust. A trust is a more costly and complex way of passing on property than an
outright gift and so will only be used where there are benefits over and above an outright gift.
This note explains some of the general reasons for using trusts
both during lifetime and on death.
A trust exists where someone (a trustee) holds assets for
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