Elizabeth Layfield

Yes. Trusts can still play an important role in inheritance tax and succession planning, particularly where families want greater control over how and when assets pass to future generations.

Whether a trust is appropriate will depend on your circumstances, objectives and the assets involved, so it is important to consider the wider family position rather than tax alone.

A family investment company (FIC) is a company used to hold and manage family wealth or investments. It can provide an alternative to a trust in some circumstances, particularly when planning how wealth is passed to future generations.

There are significant differences between trusts and FICs, so we can help you understand which options may be appropriate for your family.

The tax treatment depends on the type of trust, its assets and what happens during its lifetime. Income tax, capital gains tax and inheritance tax can all be relevant, alongside HMRC registration and reporting requirements.

If you are unsure about the tax position of an existing trust, we can review the arrangements and explain what needs to be done.

This can happen, particularly with older family trusts where records are incomplete or responsibilities have changed over time.

We can review the history of the trust, establish whether any tax or reporting is outstanding and, where necessary, help make the appropriate disclosures to HMRC.

Yes. I regularly help families understand trusts established by previous generations.

This can involve reviewing historic documents, establishing the current tax position and working with trustees, family members and legal advisers to resolve outstanding issues and decide the best way forward.

Both can have a role in family wealth and succession planning, but they operate differently and have different tax, legal and practical implications.

The right option depends on what you want to achieve, the assets involved and how much control you wish to retain. We can help you explore the options before you decide how to proceed