Trusts: What Does The Future Hold?

Trusts have seen something of an attack in recent years with the imposition of higher inheritance tax ("IHT") charges making it more expensive for trusts to be created and run. Sadly, this trend looks set to continue with the government confirming in the Budget 2014 that they propose continuing with their consultation on "simplifying" the trust IHT regime. It may sound innocuous enough, but we believe the simplification proposals will in fact lead to higher IHT charges on trusts in many cases.

In this article first published in Taxation Magazine (www.taxation.co.uk), Fay Copeland and Dominic Potier from Wedlake Bell's Private Client team look closely at the proposals and how they will impact on trusts, reflecting on what the future might hold for trusts as a result.