Want to Beat the Taxman? Take a Tip Fromthe Saxons ; Inheritance Tax Special Report

Summary

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NINE out of ten Financial Mail readers have called for the inheritance tax threshold to be raised in our poll, which brought 8,000 responses. But already, there is one solution trusts, invented by the Saxons. When they went off to fight in wars, Saxon lords entrusted their money to parish priests. The priest or trustee controlled the money for the benefit of the lord's family.

Centuries later, this ancient principle remains the same. The difference is that the main use of trusts today is to mitigate tax bills.

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Extract

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Want to Beat the Taxman? Take a Tip Fromthe Saxons ; Inheritance Tax Special Report

Thanks to soaring property values, two families are falling into the inheritance tax trap every minute. It is charged at 40 per cent on assets above Pounds 263,000.

But the use of a trust can help to mitigate inheritance tax.

Though almost any asset may be put under trust from cash, shares and insurance policies to property and land experts warn they must be set up ...

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