The common feature is that the income and capital of these trusts is distributed at the trustees’ discretion to any one or more of the class of beneficiaries.
Chancellor George Osborne has updated MPs on the state of the economy and the Government's future plans in his Autumn Statement as the Office for Budget Responsibility (OBR) publishes its latest growth and borrowing forecasts for the next five years.
Every penny helps - particularly when inheritance tax will take 40% of an individual's estate in excess of £325,000 and 40% of a married couple's or a couple in a civil partnership's estate in excess of £650,000.