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Inheritance Tax
(IHT) is the tax charged on the value of property passing on a person's death and on certain lifetime gifts subject to certain exemptions and reliefs. IHT is not just a concern for the seriously wealthy. It is a growing worry for many people - but unlike many other taxes, there are plenty of things you can do now to make sure you pass on as much of your wealth as possible to your family and friends rather than the Inland Revenue.
The use of trusts can be very important in mitigating liability to Inheritance Tax. Trusts can be created during a person's lifetime or on their death under the terms of a will. By following the appropriate links, you can find out further information about what a trust is and the main reasons why people would set up a trust.
For further information on Inheritance Tax please
follow this link Guide to Inheritance Tax.
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Budget 2006: The budget 2006 announced changes to the way in which trusts are to be taxed.
These changes, not reflected in the content of this website, came into
effect from 22 March 2006. In particular the taxation of Accumulation and
Maintenance Trusts and Life Interest Trusts will change
radically.
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The Barclays Trustee Service is only appropriate for clients domiciled
in England and Wales and the Trust is to be created in accordance with English law.
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