United Kingdom: Trusts

Various trust structures exist within the English legal system to protect beneficiaries who may struggle to manage their financial affairs, and who may be more at risk of financial abuse.

In this scenario, an international private client, let's call him John, a UK resident in his early 70s and a widower, found himself confronted with a substantial Inheritance Tax (IHT) bill.

Value-Added Tax (VAT) is a key component of Portugal's tax system.

Significant changes were introduced to the UK's tax rules for non-domiciled individuals from 6 April 2025. The remittance basis for non-UK domiciled individuals has been replaced with a residency-based system.

The Honourable William Francis Seymour, Earl of Yarmouth v Ragley Trust Company Limited & Ors [2025] EWHC 1099 (Ch).

Blended families are now more common than ever, with many people starting new relationships, getting married, and entering into civil partnerships later in life...

Since the introduction of Employee Ownership Trusts (EOTs) in 2014, the sector has expanded significantly, allowing many companies to transition into employee ownership. This article discusses the complexities and implications of exiting EOT ownership, including tax considerations, the roles of trustees, company directors, and potential buyers, emphasizing that such decisions should prioritize employee interests and be well-informed.

Trusts are a complex yet valuable tool for future planning, offering benefits in asset management, tax planning, and care planning. Expert guidance is essential to navigate their rules and suitability.

The UK government has announced a review of carried interest taxation and a reform of the tax regime for non-domiciled individuals, effective from April 2025. Key changes include replacing current non-dom rules with a new residence-based system and introducing potential capital gains rebasing and inheritance tax adjustments for foreign assets in trusts.