Close to home - planning also includes your home and may extend to the children, trusts, and maybe even financial planning in the event of separation and divorce.
How does taxation impact on your home?
It is an unfortunate fact of modern life that many marriages do not survive. When separation, divorce or dissolution occurs, there will almost inevitably be some tax consequences.
Universal Credit (UC) will eventually replace a raft of existing benefits. The credit system is administered online and is intended to streamline the benefits system. The change is being slowly rolled out across the UK.
These tax credits replaced Working Families' Tax Credit, Disabled Person's Tax Credit and Children's Tax Credit and the child-related elements of Income Support and Jobseeker's Allowance.
A trust (settlement) arises when a person (the settlor) transfers assets to trustees, who hold the assets for the benefit of one or more persons (the beneficiaries), who will receive income and/or capital from the trust.