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 tru...
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