Private client compass

Private client compass | Navigating you through the tax landscape

The UK tax system is as complex as ever before and the penalties for getting it wrong are at their most severe.

Our role at RSM is to guide you through these complex rules. Below are a range of insights for individuals, business owners and for international clients on a number of planning opportunities that are available as well as key ideas on how we can help you navigate the tax landscape.

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Trusts and alternatives

Trusts and similar structures play an important role in the protection and growth of a family’s assets and often form part of an individual’s strategy to pass wealth to the next generation, reducing their exposure to Inheritance Tax. The concept of a trust has been around for centuries but how they operate in practice is still unfamiliar to many.

In family situations, a trust allows an individual to give assets away so other family members can benefit from them whilst retaining control. For example, a grandparent might be considering making a gift of cash to their grandchildren but would prefer to control how that cash is invested and when their grandchildren can access it.

Trusts and other similar structures like Family Investment Companies can help achieve this objective. Whilst the tax and legal implications of such structures can sometimes appear daunting, the complexities of establishing them and their ongoing management can be simplified with appropriate advice and support.

Divorce bed fellows

Trusts and divorce, unhappy bedfellows

While the divorce rate in England and Wales appears to be falling, the courts still hear a significant number of divorce cases each year including cases involving foreign nationals. In a number of these cases an offshore trust may be a matter of contention.

Find out why considering the various issues that may arise in advance and planning accordingly is important.

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Private client compass

Are UK trusts planning of the past or fit for the future?

Common myths surrounding trusts will leave you wondering if they still have a place in tax planning of today.

Find out why they are still beneficial if used in the right situations for structuring affairs in a tax efficient way during your life and on death.

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Private client compass

Offshore trusts

There are different approaches to structures and their purpose over time. This can become more challenging as the family unit grows to include the next generation of beneficiaries, their children, perhaps their spouses, etc.

Read more as we touch on two interesting issues, one practical and one regulatory.

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Family investment

The rise of the Family Investment Company (and planning against their potential demise)

Family Investment Company’s have increased over the years because holding investments in companies can be tax efficient. However increased popularity means FIC structures are coming under more scrutiny from HMRC.

It is vital when planning for the family’s future, that you review all options as FICs are not appropriate for everyone. 

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Property

Since April 2012 we have seen increased Government focus on revenue raising from owners of UK situated properties, both commercial and residential. Whether the property is owned outright or through a limited company by UK resident or non-resident individuals these changes will affect how much tax is paid and when. 

A number of the measures introduced are now law, some are transitioning into law and some are proposed to be law by 2020. The 2018 Budget alone introduced seven separate proposed measures which could affect property owners. 

Therefore by 2020 the tax landscape will have changed with additional tax being payable by the unwary. The time is right to consider the impact of these changes and how they can be mitigated.

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