Prudential inheritance tax trust range extended

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Prudential inheritance tax trust range extended

Mon 6th Feb 2006

The launch of three new Prudential inheritance tax trusts was announced today.

An excluded property trust was the first to be launched, which protected any offshore investments from inheritance tax (IHT).

Secondly was the lifetime nil-rate band trust, which will be offered to married customers or civil partners, protecting an individual from up to £275,000 in IHT and preventing a possible £110,000 tax bill in the event of their partner's death.

The final addition was the discounted gift trust, in which the owner receives a payment at intervals fixed at the beginning of their deal and named beneficiaries receive the rest of the trust upon the owner's death.

Taxation and trust manager at Prudential Paul Kennedy said: "Investing a little time and thought now means you could reduce your tax bill or look to fund the liability. However, don't leave it until it's too late – some tax planning solutions need a number of years to maximise their effect."

The introduction of these products into the Prudential inheritance tax trust range is in reaction to the company's claim that 68 per cent of people have been charged inheritance tax in the past five years.

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