Although the start date is two years off (1 July 2028) it will come upon you quickly – hence the need to start thinking about things now, especially as the Government has now released its first consultation paper on the matter.

And the issues the government is seeking consultation on, will affect every family trust from the "plain vanilla style" ones to the most complex of family trust structures.

However, a couple of areas have already seen much public discussion and this has resulted in the government backing down on one of the original proposals - namely, to subject testamentary trust income to a minimum 30% tax rate.

As a result, the government will now exempt "discretionary" testamentary trusts from this rule. But, importantly, this is subject to the "discretionary" testamentary trust being established for a "bona-fide" testamentary trust purpose (eg to cater for a disabled beneficiary).

In short, if you have any sort of trust or plan to create one (including a "discretionary" testamentary trust), then it is worthwhile to get ahead of the curve and speak to us about it – or if only just to understand what all these trust changes will mean for you.

This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.