Trusts have long been a popular and traditional way of passing down family wealth to future generations.

However, with UK corporation tax set at one of the lowest rates among the G20 and expected to fall further, family investment companies (FIC), which invest rather than trade, are rapidly becoming a popular alternative with entrepreneurial investors. 

The truth is that despite the fact that trusts have been a common choice for high net worth individuals (HNWs) to retain control over their assets and pass them down to the next generation, they are not always tax efficient and the laws around them tend to be complex.&n...