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In addition, it is possible to protect wealth for future generations by using trusts. Trusts can be used as a succession tool for families who would like to keep the company, or the wealth produced within the company, for the long term benefit of the family. In addition, trusts can be used to pay costs such as nursery, school and university fees in a tax-efficient manner.
It may also be the case that there are assets that have been acquired within a company that are not core to the trading activities. For instance, there may be investment properties, surplus cash or even investment portfolios held with the company or group. Such assets may affect the availability of reliefs such as Entrepreneurs’ Relief and Inheritance Tax reliefs. By understanding the family’s circumstances and objectives, we can extract these assets to ensure that the group is more tax-efficient overall, to benefit the family.
