If you are trustee, you are legally responsible for managing the trust’s tax affairs, including reporting and paying any 10-year charge that may be due. The 10-year charge, also known as the periodic charge or principal charge, is an Inheritance Tax (IHT) charge that can apply to certain UK trusts, particularly discretionary trusts and other […]
A recent episode of the television programme 22 Kids and Counting highlighted the importance of making a Will. Sue and Noel Radford, parents of Britain’s largest family, revealed during the programme that they do not have Wills in place. They are far from alone, with a significant proportion of adults in the UK yet to […]
The Government’s proposed cohabitation law reforms have generated significant interest among the growing number of couples who choose to live together without marrying or entering a Civil Partnership. The proposals, currently under consultation, would give certain cohabiting couples greater financial protection on separation and could also introduce inheritance rights where a partner dies without a […]
Employee Ownership Trusts (EOT) are a tax efficient way to pass on ownership of your company to your employees. They are attractive to owner managed businesses where the driving force behind the business wants employees to benefit, doesn’t have a chosen successor and is uncomfortable with a sale to an unknown third party. How does […]
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