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In the final instalment, for now, in our series on trusts and their uses, I cover off how trusts can be used in your lifetime to reduce your inheritance tax bill using a Loan Trust or a Discounted Gift Trust. These are just two of the schemes that use trusts to achieve a personal financial aims.
Finishing up our discussion on IHT for trusts, I deal with the exceptions to the ‘relevant property’ regime discussed last time, specifically Accumulation & Maintenance, Interest-in-Possession and Bare Trusts. Confused? You won’t be!
The last of the major taxes is Inheritance Tax and it’s a biggie. Big enough to take two videos, no less. Here I introduce the ‘relevant property’ regime and what it means for those setting up and looking after those trusts.
The second of the major taxes incurred by trusts is Capital Gains Tax. Here, I explain how it works.
In this video I outline how income is taxed within trusts and when money is paid out to beneficiaries.
Trusts are taxed, just like the rest of us, but if anything even more so. Here I outline the treatment of the three main taxes for trusts – more detail to follow
