How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4956
Type Your Tax Question Here...
bigduckontax is online now

Given the proposed governmental and incremental changes in

This answer was rated:

Given the proposed governmental and incremental changes in allowances designed to off-set IHT at 40% do I need to retain my discretionary trust?
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. I would submit probably not, but remember that some of these changes do not come in until April 2017. Furthermore, if the trust has assets then when the trusts ends they may be deemed to be disposed of and Capital Gains Tax (CGT) applies to any gain made. Trusts have a limited Annual Exempt Amount of GBP 5550 and any gain is taxed at 28%. You can read all about Trusts and CGT here: This is an extremely complex area and you might be well advised to consult a trusted, local professional before embarking on a dissolution.
bigduckontax and other Tax Specialists are ready to help you
Thank you for your support.