Surrey solicitors in Guildford, Stockport
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Tax Planning & Trusts
 
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Hour Will Service, contact on 01483 6656621
 
 
 
 
 
 
 
 
 
WILLS & TAX PLANNING - Tax Planning & Trusts
Simple Will Service

Lifetime gifts

Each person has a tax free annual gift allowance of £3000. Gifts made out of income on a regular basis are also exempt from inheritance tax. All other gifts including tranfers into a trust remain in the Estate of the person making the gift for seven years.

Discretionary trusts

If you want to give away assets and retain some control over them then a discretionary trust may be the answer. You cannot be a beneficiary of the trust but you can be a trustee and decide how to distribute the trust income and capital. You can also hold over a capital gain so you could put rental properties or company shares into the trust.

Life insurance

If life insurance is payable into a taxable estate  forty percent of the policy proceeds will be paid in inheritance tax. By writing the policy into trust it will be paid to the beneficiaries free of inheritance tax. Life insurance companies provide simple trust forms. We can provide a more complex trust document

Property Investment Companies

Many people hold their investment properties in a simple company structure but over a period of years the value of the properties in the company have increased leaving the share holders with a large potential inheritance tax charge on death. However, they cannot give the shares to children as lifetime gifts due to their large capital gain. They may have accumulating income within the company as they are top rate taxpayers. However, some careful tax planning can ensure assets are passed down to children or grandchildren in a tax efficient way without losing control of the company.

 
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