With the dramatic increase in property prices over the last decade, a significantly larger proportion of the population have become liable for Inheritance tax. With careful tax planning and the use of trusts, it is possible to mitigate an individual’s exposure to this tax. We can make an initial assessment of your estates liability and if necessary form a strategy to avoid this tax. Then, using our usual data base functionality, set a reminder to reassess your position periodically.
Once a trust is formed it will be required to complete an annual trust return, made up to the 5 April, declaring the trusts income. The form must be filed by the following 31 January to avoid a £100 penalty.