Can Trusts Reduce Or Eliminate The Tax I Pay?

Trusts have been used to mitigate tax since medieval times. Then, they were used by the nobility and wealthy to avoid paying taxes to the crown.

Nowadays, anyone can take advantages of the many tax strategies trusts can provide. Putting your assets in a trust can potentially reduce the tax payable.

  • Appropriate management by the trustees can reduce tax substantially.
  • Trusts can significantly reduce the tax on future generations.

Broadly speaking there are four types of tax which could affect you and your estate. These are Inheritance Tax, Income Tax, Capital Gains Tax and Corporation Tax.

We’ve written a guide to trusts which will give you some more information about how they work.

 

The Right Tax Planning

If you believe Inheritance Tax will become an issue for your beneficiaries, or you own your own business and are concerned about Corporation Tax, or own property or other assets which could fall prey to Capital Gains Tax then we can help.

Also, there are certain types of income that are never subject to tax, including special pensions and income from tax exempt accounts which are ignored when it comes to working out how much income tax you need to pay.

We can provide you with the correct type of tax planning to ensure as much tax as possible is saved.

 

Get in touch

Family Estate Planning can help with trusts and tax planning in Wokingham, Berkshire, Reading, Surrey, Hampshire and across the South East.

For an informal, no obligation chat about your circumstances please email contact@familyestateplanning.co.uk or call 07984 013533.