The long-awaited response to the consultation on the taxation of trusts also formed part of the ‘Tax Day’ publications.
Surprisingly, there was no desire for a comprehensive reform of trusts at this point in time. However the government will continue to review specific areas of trust taxation on a case-by-case basis.
A relief for many who were considering using a trust as part of their Inheritance Tax planning but holding off in case of any nasty surprises.
A trust can have a wide range of uses. From Inheritance Tax planning to controlling how your assets pass to the next generations now or after your death, they are a useful tool which are commonly misunderstood. For clarification, ‘The basics of a trust explained’ is a useful read.
More details on the consultations and proposals from ‘Tax Day’ will be published in our news feed today, or you can email us at Tax@randall-payne.co.uk and we can arrange a call back to discuss anything in more detail.