A great deal of property and other investments are held in trusts of one kind or another, although most people have only a vague idea of what a trust is and how it is taxed.
Basically, a trust is a legal obligation on trustees to look after property for the benefit of certain other people – the beneficiaries. Trusts can be set up for all kinds of reasons, of which tax planning is only one. ‘Property’ throughout this summary means any asset or investment or thing – not just real estate.
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