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Press comment: Trusts suffer an image problem as latest HMRC data highlights decline


If you are covering the latest Trust use statistics from HMRC, please see the following commentary from Rachael Griffin, tax and financial planning expert at Quilter:

Rachael Griffin“Trusts are suffering an image problem right now. There is a perception in some quarters that they represent an attempt to disguise assets from the tax authorities and that has been propagated by some of the high profile tax abuses publicised in recent years. These are totally unrelated incidents and should not discourage legitimate use of trusts, yet it appears they are being tarred with the same brush.

“Additionally, we fear that some people are being discouraged from using trusts over concerns they may not provide the level of privacy needed. We are all rightly sensitive about the way our data and information is being used and are fearful of potential breaches of privacy. Since the Trust Register was introduced tens of thousands have had to register, and that is likely to be extended to non tax paying trusts as well. It seems that some people may be dissuaded from using a trust because they’re concerned Big Brother could be using it to peer into their private affairs.

“All of this amounts to a perception issue and we fear some people may be missing out on legitimate tax planning opportunities and foregoing the chance to exercise control over how their estate is distributed. It is really important to remember that trusts are not solely about tax planning and they play a key role in helping individuals control how they pass on wealth. That could mean ensuring children cannot spend money irresponsibly, or protecting the estate from invalid claims from estranged relatives. We can all sympathise with that desire to control how your estate is distributed and it is a shame if people are being denied that opportunity.  

“Anyone looking at estate planning should speak to a professional adviser to get personal advice on their options. An adviser will be able to recommend  the best ways to plan ahead and ensure that passing on money to your loved ones is managed carefully and according to your wishes.”  

For more information contact

Michael Glenister020 7778 963807469

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.