Taxation and Trusts
Can Trusts Reduce Or Eliminate The Tax I Pay?
Trusts have been instrumental in mitigating tax since Medieval times. Trusts were initially created for the Nobility and wealthy landowners to avoid paying taxes to the Crown.
The introduction of Trusts led to a distinct loss of tax revenue and it did not take long for the first anti-avoidance statute to be introduced; by Henry VIII in 1535. Since then, there have been many changes to Trusts and their uses and equally to the Inland Revenue rules which affect them.
Nowadays, you don't have to be a Nobleman, or a wealthy landowner to want to take advantage of the many tax strategies Trusts can provide. Many people now look to using Trusts as a means of mitigating tax which would otherwise be payable.
There are four types of tax which could affect you and your estate:
- Corporation Tax
- Capital Gains Tax
- Inheritance Tax
- Income Tax
So whether you own your own business and your concern is Corporation Tax, own property or hold other forms of assets which would fall prey to Capital Gains Tax, or believe Inheritance Tax will become an issue for your intended beneficiaries; Countrywide Legal Services can provide you with the correct type of tax planning to ensure as much tax as possible is saved.
Countrywide Legal Services are experts in providing advice on all aspects of tax planning and the use of Trusts, which will provide these ultimate tax savings.