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It is likely that no ethereal invention has had a greater impact on tax minimisation in common law countries than that of the trust. While originally devised primarily for tax avoidance purposes, trusts proved useful tools in the Lord Chancellor's courts as the basis for providing equitable remedies in a host of situations. Over the centuries the twin roles of trusts as vehicles for organising family assets and structures for achieving tax minimisation objectives have intertwined and legislation designed to limit the use of trusts for tax minimisation is almost as old as the trust.
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