Can I establish and use Trusts to reduce or eliminate the tax I pay?
Trusts have been instrumental in mitigating tax since Medieval times and the times of the Crusades, hence our name Templar Estate Planning. Trusts were initially created for the Nobility and wealthy landowners to avoid paying taxes to the Crown and also to protect ownership of property when the landowners were fighting in the Crusades.
However, 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 Knight, aristocracy or a wealthy landowner to want to take advantage of the many tax strategies Trusts can provide. Most people can benefit from the use of Trusts of one kind or another.
Many people now look to using Trusts as a means of mitigating tax which would otherwise be payable and also to secure ownership, like the Knights of the Crusades. Click here to read more about Trusts.
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; Templar Estate Planning can provide you with the correct type of tax planning to ensure as much tax as possible is saved.