However there are some limited tax advantages, in that the trust itself trades securities as a corporation, rather than an individual, and is taxed accordingly — if it makes a capital gain trading Vodafone shares, say, it is not taxed on that gain like an individual investor would be. (This is to avoid double taxation of the same gain).

So if you believe churning portfolios for gains is a productive strategy (another story) and you have a large sum to invest then you may prefer to delegate the business to an investment trust.