The law in this area also says that if you "gift" assets to another person but continue to enjoy those assets or the fruits of those assets, then the gift can be ignored and you are treated as though you own the assets.
There are ways to separate the ownership of the assets and the fruits of ownership. These have varied over the years as fashions change and have included UK trusts, offshore trusts, family partnerships etc.
There have been tax cases seeking to strike down some of these schemes. Some HMRC has won, some they have lost.
However the intention of Parliament is that continuing to enjoy the fruits of ownership should mean that the gift is regarded as ineffective.
I suspect with a fortune the size of this one however, they could probably afford to put aside a hundred million or so to look after the old man and not make a serious dent in the portfolio.
There are ways to separate the ownership of the assets and the fruits of ownership. These have varied over the years as fashions change and have included UK trusts, offshore trusts, family partnerships etc.
There have been tax cases seeking to strike down some of these schemes. Some HMRC has won, some they have lost.
However the intention of Parliament is that continuing to enjoy the fruits of ownership should mean that the gift is regarded as ineffective.
I suspect with a fortune the size of this one however, they could probably afford to put aside a hundred million or so to look after the old man and not make a serious dent in the portfolio.
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