During
our recent master class seminars on trusts, one specific issue that was
addressed related to updating family trusts after the Bamford decision and
related legislation.
The post today is the first in a series of 4 posts via the
following video link under the heading ‘What are the options in relation to
deed updates post Bamford’. If you would like a link to the video please let me know.
As
with other video posts, for those that do not have easy access to the streaming
or would otherwise prefer to read the transcript, this is set out below -
What it actually means in terms
of the trust variations, we think it's one of the following three things.
The first one, we're probably
guess that most of the people we work with adopt this path, is to ‘do nothing
at all’.
Is that still the right thing to
do? The honest answer is we don’t know.
What we do know is even within
the last 6 weeks, this complete review of trusts, that has been threatened
forever, has already been pushed out for another year. So the earliest
that we're going to have a new taxation regime for trusts is 2014.
You wouldn't want to take too
heavy a bet for whether that's going to be pushed back again. I suspect
there's every chance you're going to have an election before the next time
around and you may well have a change of government.
So there's a whole range of
things that are going to potentially happen between now and 2014 that will push
that out.
The first one is to just do
nothing.
The next post will look at this
approach in more detail.
Until next week.
