October 2008

Since the changes in inheritance tax brought about by the Finance Act 2006, trusts have been the subject of much debate. Many claimed that the changes would spell the end of trusts but our view is that trusts still have much to offer, particularly in relation to succession planning and the saving of inheritance tax ("IHT").

What is a trust?
A trust arises where assets are transferred by one party to other individuals ("the trustees") to hold for the benefit of others ("the beneficiaries"). A trust can be set up during your lifetime or in your Will.