Randall & Payne - Trusts and estates

Rodborough Court, Stroud
Gloucestershire GL5 3LR
T: 01453 763471 F: 01453 753807

30 Bath Road, Stonehouse
Gloucestershire, GL10 2JA
T: 01453 761889 F: 01453 826399

Tax services - Trusts and estates

Trusts can be a useful tool for reducing tax liabilities, particularly where inheritance tax is concerned.

Giving away assets during your lifetime is the most common way to reduce your inheritance tax burden. By creating a trust, you can give assets away but retain flexibility and some control over who will benefit from the income from the trust assets, and ultimately the capital, and when.

The main types of trust used for tax planning are:

interest in possession trusts: one or more of the beneficiaries receives income from the trust. The capital may pass to other beneficiaries when the interest in possession terminates, most commonly on a death.
discretionary trust: the beneficiaries have no right to any income or capital. It is up to the trustees to decide how much they receive – if anything – in accordance with the terms of the trust.
accumulation and maintenance trust: these trusts are used to look after children while they are minors. Once the beneficiaries become entitled to the trust property, at the age of 18 in England and Wales, the trust turns into an interest in possession trust.

We can review any existing trusts you have for tax efficiency or advise on the most appropriate type of trust for you, depending on your individual circumstances.

We can also look at draft trust deeds to make sure that the trust is will deliver the maximum tax advantages.

To find out more about how we can help you, or to arrange a free initial meeting, please contact us.

Randall & Payne is registered to carry on audit work by the Institute of Chartered Accountants in England & Wales
and authorised and regulated by the Financial Services Authority for investment business.