If you’re reading this article you are probably asking yourself questions like;
“How can I protect my assets?” “Will my children be able to inherit my
wealth or business when I pass away?” — Or any other question related to
protecting your assets from the HMRC.
The good news is that you can protect your assets quite efficiently against
over taxation, but you have to understand the core principle of tax payment in
the UK first.
In the UK every individual owning assets exceeding the threshold is subjected
to taxation. Failing to pay the taxes you owe the HMRC for your income and
capital gains on your assets is tax evasion and illegal. But you can take
advantage of this principle to save yourself, your family and heir when that
time comes a lot of money, trouble and hardship.
As long as you have your assets in your own name, you will be subjected to
the corresponding taxes. But if you transfer those assets to your spouse or
children, they will be the ones to pay taxes and be able to take advantage of
their tax free personal allowance. If your spouse have a lower income than
you, that can in fact save you a substantial amount of money. And the same
goes if your children are under education or just starting their careers, and
therefor have little or no income at the moment. By seeking out a good tax
adviser in the UK you can find out how to get the full advantage of all these
But what if you own valuable assets and your family’s personal
allowances don’t make a notable difference anymore?
In this case the best tax strategy in the UK is creating an asset protection
trust. Placing your assets in a trust builds on the same principle of ownership
of values, but since the trust is its own legal entity the assets placed in it do
not count as your’s in the eyes of the HRMC. That means that you can keep
your assets in a trust essentially tax free and all capital gains generated by
the trust will be kept free of taxes by the trust. This way you will only have to
pay taxes on the payouts you receive from the trust.
Trust strategies are at the core of asset protection by Issac Qureshi who
have helped numerous clients from corporations to individuals keep their
assets safe from taxation, divorces, bankruptcies, and other events that could
significantly devalue their assets. Qureshi specialises on tax law and getting
the most out of your wealth through financial planning.
For more information about the benefits of protecting your assets with an
asset trust, visit issacqureshi.co.uk or contact Issac Qureshi via the form