Trusts - Ironically something that is not that trusted by the public.

It’s over God damn it

Our British ability to be completely transparent, yet utterly secretive at the same time. The Swiss just straight up admit it - that they hide people's money and “No. we won’t tell you whose it is”

Well, they could be Swiss German or Swiss Italian.

Well done. You can officially use google translate. But yes. Unlike the Swiss who somehow have managed to project this squeaky-clean image through filling our airports with triangle chocolate and Swatches. The Brits had a more cunning plan - we will be absolute transparent. Except if it’s in a trust - which in that case - no you can’t find out anything.

Ultimately my financial friend it’s a contract. Usually a document signed in deed (means it’s witnessed) that says … I am taking this asset, or money or whatever I own (the “settlor”), and I am putting it under the trust of these three people (“trustee”) who need to look after it for the benefit of these other people (“beneficiaries”).

Exactly. When you return you expect your wallet back in your scenario, which is actually very similar to how they were used when they were invented in English Law. During the Crusades in the 12th and 13th centuries - when a landowner left to fight, he would put his lands in the trust of a keeper, who got the income, and had to look after the land, but when he got back obviously, he wanted his land back.

No, often not. They didn’t because English law at the time said they were now owned by the trustee. So, they had to petition the King, and get referred to the Lord Chancellor, who just decided as he wished. This went on for a while until people got pissed enough, that something was done - and the concept of “equity” was born in English law.

I am pretty sure everything the Greeks did we plagiarised - including the word plagiarised!

Ah very good - that’s actually known as a “Secret trust” and is to be fair, a fairly reasonable use for them. You might not agree with the Mistress, but ultimately what’s done is done, and it isn’t fair either that someone wasn’t able to leave money to their children because they would have got into trouble with their other half. Life isn’t all peaches and cream, and sometimes you have to burn gasoline to build your future dreams - as someone once said.

Oh okay, I just came up with it - but you take my point?

Pretty much. They are unpredictable. A good analogy is you are throwing a ball. The ball representing the asset or money. You can choose where to throw it, you can aim really carefully. But the moment it leaves your hand it’s out of your control. You have these trustees there to try and make sure it goes where you wanted, guiding it in the air if you like, but they are pretty limited and aren’t necessarily that good at the job.

Well, somehow - all of the trusts that are out there - all of them - now need to be put on a register.

Well, it’s probably fair enough ultimately, but it’s an absolute bloody nightmare to work out who has one. Trusts are just contracts. Sat in drawers, or not even in a drawer because it could be your grandmother set up an investment trust no-one knows about. In any case - forgotten about. How the hell are we going to know where they are, how many there are, and get people to put them on the register?

Well surprise surprise your friends at HMRC!

Well, it would seem unsurprising if that was the case. Ultimately, it’s a public register we believe. They are trying to get Britain squeaky clean because well, if you are not a country with common law (former colony mostly) - then you don’t have a concept of trusts.

Goodness no. Napoleon would have hated them. He wanted everything stamped and approved and controlled. They have no concept of them, they think they are some bonkers dodgy British thing like pickled eggs.

It applies to overseas trusts if they have a UK tax charge, own UK Land and Property OR if they have a UK Trustee with business relationship with a UK Advisor.

Perhaps ! Anyway, it’s probably for the best the way public sentiment is on these things. But here is the thing. No-one is even talking about it in the press... the public is dead to it. Think how many messages there were about Brexit… and still no-one did anything … Now we’ve got to tell everyone to dig out their trusts deeds or be damned… You know sometimes I wonder whether we really even need trusts anymore, are they really a good idea at all?

Like what?