According to the Independent, one of Britain’s richest men has avoided paying inheritance tax on an £8.3 billion (365 billion baht) estate.
Hugh Grosvenor, the Duke of Westminster, inherited the huge sum from his father, Gerald Cavendish Grosvenor, who generated his fortune from ownership of land in London’s most affluent areas. At 26, the new Duke is now the youngest billionaire in the UK.
He avoided paying tax on the estate by having the money passed on through family trusts, to which inheritance tax rules don’t apply.
Chaninat & Leeds’ attorneys assist foreigners with estate inheritance in Thailand
In a family trust, an individual entrusts their assets to a group of trustees, who become the legal owners. They are then able to manage and distribute them to beneficiaries.
Read the full story here.
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