The Sage of Ely manages to get Gerald Grosvenor entirely wrong

That this activity continues is evidenced by the fact that the sixth duke is said to have left an estate worth £9.9bn upon his death this week to his son and yet, despite the fact that inheritance tax is supposedly payable on all estates on death worth more than £325,000, it has been widely reported that very little tax will be due in this case.

For the sixth duke has not left an estate of £9.9 billion to his son.

If he had then inheritance tax would be payable.

One beneficiary of a trust has died, to be replaced by another beneficiary of the same trust. And, err, that’s it.

The English legal concept of a trust is believed to have been developed during that era, when knights departing the country with no certainty of returning wanted to ensure that their land passed to those who they thought to be their rightful heirs without interference from the Crown. Trusts achieved that goal and the concept has remained in existence ever since, representing the continual struggle of those with wealth to subvert the rule of law that may apply to others but that they believe should not apply to them.

Mindgarglingly wonderful, isn’t it?

Using the law subverts the rule of law.

And I think it just lovely that Murphy has published this in a newspaper with its own trust, err, issues.

5 thoughts on “The Sage of Ely manages to get Gerald Grosvenor entirely wrong”

  1. How odd that in an article about trusts by a tax expert, there is no mention that trusts pay Inheritance Tax at 6% every 10 years.

  2. And from someone who gains his income from political grants on which no tax is paid.

    You don’t have to be a colossal hypocrite to be prominent in left wing politics but it clearly helps.

  3. Presumably in a few months time probate will be granted and we can all see how much wealth the late Duke had (as distinct from the family trusts). Will the papers bother to report it?

  4. The nation sweetheart tax expert stated in this article that IHT asss the children are the natural and best inheritors.of the estate and the business – this being wrong of course.

    The only problem is it doesn’t and wouldn’t.

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