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HR Masterclass: Redundancy and restructure

July 2017
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Our next event

HR Masterclass: Redundancy and restructure

July 2017
View details

Private client

Trusts and wealth management in Norfolk, Suffolk and Cambridgeshire

Trusts

What is a trust?
Trusts are used extensively to provide tax and practical benefits.

A trust is created when a person (the settlor) transfers assets such as shares, property or cash to trustees for the benefit of their chosen beneficiaries.

A trust can be established by ‘Deed’ during the settlors lifetime, or can be included in a ‘Will’ to take effect on the settlors death.

Advantages of establishing a trust
A trust can provide various tax and practical benefits:

  • Tax savings
In certain circumstances, a trust can provide significant income tax savings, for example:

Mr ‘X’ is a higher rate taxpayer. He wishes to make a gift of an investment property to his three grandchildren and decides to settle it on a discretionary trust. The property produces a rental income of £10,000 per annum.


Mr ‘X’ would normally pay tax on the income at the rate of 40%. The trustees will instead pay tax at 45% on most of the income. However, if an appropriate amount of the net trust income is distributed to the grandchildren, and they have sufficient unused personal allowances, they will be able to recover all of the tax paid by the trustees (a tax saving for Mr ‘X’ and his family of £4,000 per annum).

  • Control
A trust will enable you to gift valuable assets (as part of your inheritance tax planning) without losing control of the assets

  • Protection
Assets held in trust are protected to a greater extent from the claims of creditors in bankruptcy or divorce

  • Flexibility
You can allocate the income/capital of the trust as you wish.

The tax rules that apply to trusts are complex and it is important that you seek advice before setting up a trust. We have a great deal of experience when it comes to setting up and managing trusts. We can help you find the right legal advice and help with all aspects of the tax planning and ongoing administration.
Call us on 01493 335100       

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Helpful documents

Trusts
Details of our trust services.
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"We have used Lovewell Blake for our business and personal accountancy needs for a number of years. We always receive a professional, efficient and helpful service and feel safe in the knowledge that our accounts are in order. We would recommend Lovewell Blake to any business and have done already."
 
 

News

Quiz raises over £1000 for Halesworth Festive Lights
Marketing Team

26 April 2017
On Friday 21 April, staff from Lovewell Blake's Halesworth office hosted a charity quiz evening to raise much needed funds for the Halesworth festive lights.
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LB150 three peaks challenge
Marketing Team

25 April 2017
Whilst many of us look forward to the last bank holiday of the summer to enjoy a BBQ, or finish some DIY, this year a team of 13 from Lovewell Blake's Great Yarmouth office will be donning their walking boots and taking on the three peaks challenge. They will have...
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Events

HR Masterclass: Redundancy and restructure (Lowestoft)
6 July 2017
Are you concerned about the impact the current political climate will have on your business in terms of staffing and structure?
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HR Masterclass: Redundancy and restructure
4 July 2017
Are you concerned about the impact the current political climate will have on your business in terms of staffing and structure?
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LB150 Ball
29 April 2017
You are invited to join us at the 2017 LB150 Ball in Lowestoft.
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