Brodies' personal team has an enviable reputation for developing personalised, cutting-edge tax planning. It is in this vein that our team is at the vanguard of the development and management of Family Limited Partnerships (FLPs) - a 21st century mechanism in estate planning. Again, our strength in depth in a number of disciplines makes us leading advisors in this relatively new area. We draw on expertise from throughout the firm.
For situations in which a trust is not the best or only option, the team has developed the FLP as an alternative. We were recently commended for the innovation of our FLP structure by the Financial Times.
If you wish to gift into a trust more than £325,000 for an individual or £650,000 for a married couple or civil partners, there will be an immediate charge to inheritance tax (IHT) at the rate of 20% on the balance above these amounts. The FLP allows you to gift your assets without suffering this lifetime charge, importantly allowing you to retain control of the assets. For many individuals the element of control offered by the FLP is as important as the significant tax mitigation.