The best news this year so far on the tax front, Gift Duty is to be abolished as from 1 October 2011. Fantastic - abolishing taxes should be the first duty of any government!
 
Bad news for lawyers though, because if you have a trust already the annual gifting rigmarole won’t be necessary anymore as the whole amount your trust owes you as settler can be gifted in one go! Mind you, if you subsequently wanted to withdraw some cash from your trust you might be better to leave some of the loan outstanding as otherwise you could be taxed on your drawings!
 
If you haven’t got a trust, the biggest disincentive to having one has now been removed at a stroke, so now’s the time to finally take the plunge. The advantages from an asset protection and estate planning are huge!
 
If you’d like to discuss the pro’s and con’s of a trust, or borrow a great book on trusts to read first, then just let me know! Call 0800 ASK NICK or get in touch by email.