The sixth step in Protection Planning is to consider what taxes are due, from whom and under what circumstances.
Having wealth offshore is neither wrong nor immoral provided all tax due is accounted for and paid. Setting up trusts is similarly not wrong nor immoral and have been at the heart of Protection Planning for wealthy families for nearly one thousand years.
Lord Clyde in the case of Ayrshire Pullman Motor Services said
'No man in the country is under the smallest obligation moral or otherwise so to arrange his legal relations to his business or property as to enable the Inland Revenue to put the largest possible shovel in his stores.'
Stamping out tax evasion needs to be treated with the respect it deserves, but should not deter any wealthy family from the use of trusts to protect himself, his family and his assets from the guises of greed.
Garnham Family Office Services provides Protection Packages which are fully tax compliant, but also designed to work within the legal framework of whatever tax code our families are subject in a tax compliant and legal correct manner.