Different types of tax
There are various forms of tax that can impact upon you, your estate, and your loved ones. The main ones are:
- Corporation tax
- Capital gains tax
- Inheritance tax
- Income tax
Your situation and circumstances will determine the type of taxes you may be liable for. As an example, if you own a business you may be concerned about the payment of corporation tax. If you have assets such as property, your main worry may be capital gains tax. When it comes to your estate, you may be worried that your loved ones will be with inheritance tax when you are gone.
Whatever your concerns, considering setting up a Trust could help you to avoid these tax issues. Of course, it is important to ensure that you have assistance from legal experts for advice and to get the Trusts set up. However, once this is done you can enjoy far greater peace of mind and protection from paying more than you have to in taxes.