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Personal Wealth Management
April Cowman Tax Consultant
Personal Wealth Management
Trusts
The use of bare, fixed and discretionary trusts can be used for a variety of purposes such as passing wealth to the next generation, to remain anonymous regarding property investment, wealth protection to ring fence property so that it can only be used for certain purposes, and so on.
However the operation of such trusts can give rise to a tax liability under many tax heads such as Capital Acquisitions Tax, Income Tax, Capital Gains Tax and Stamp Duty.
Trust structures require careful consideration before being established.
Family Partnerships
A family partnership is often a useful tool when the beneficial ownership of assets is intended to be passed to others (usually children). This can be done without control being passed by way of a partnership structure that states that the assets of the partnership cannot be sold without the vote of the managing partner (usually a parent).
Pensions
We provide tax advice in relation to setting up pension schemes and we can make recommendations based on what your pension strives to achieve. We compare managed schemes versus self-administered schemes and we can help evaluate the relief available for an individual’s and their employer’s contributions to a pension fund, the tax treatment of the fund, and the options upon retirement or death. We identify planning opportunities through the use of retirement benefit schemes and other options available including property investment and alternative retirement plans.
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