Time to put trusts in place: Lynne Rowland comments
“The Government’s manifesto included a promise to review the ‘misuse of trusts’. Although there is no detail about what this review will include, it could result in the tax advantages of trusts being further eroded,” says Lynne Rowland, partner at Kingston Smith. “In the past, when the tax regime applicable to trusts has been changed, those trusts which existed before the change were able to continue to benefit from the old rules, with the changes generally only applying to new trusts. If families are considering using trusts as part of their overall wealth and asset preservation strategies, they should consider putting trusts in place ahead of this review.