Clerical Medical are launching three new newly designed trust propositions following the changes to the taxation rules on trusts in last year's Budget.
The company says although the trust structure has been redesigned to comply with the new rules relating to the Inheritance Tax (IHT) treatment of trusts, it says the business can still be written into either its onshore investment bond, or its offshore global investor products. It says the trusts will only be liable for tax once the fund passes the IHT threshold, as two of the trusts, the Clerical Medical Loan Trust and the Clerical Medical Gift Trust, will be classified as bare trusts, while the Clerical Medical Discounted Gift and Income Trust will be established as a discretionary trus...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
