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Trusts

Trusts are commonly used as a vehicle to pass assets down the generations whilst safeguarding the assets from falling outside the control of the immediate family.

There are many different types of trusts, and the type used will depend on your desired outcome as well as an analysis of the tax position for the settlor, the beneficiaries, and the trust itself.

For existing trusts, comprehensive tax advice may be required in relation to:

  • an ongoing tax problem. such as the discovery of historical inaccuracies in the trust tax returns
  • trust accounts
  • an HMRC enquiry
  • a one-off tax planning opportunity, such as the acquisition or disposal of an asset
  • establishing the tax consequences of making distributions to the beneficiaries and/or winding up the trust.

Trustees are responsible for disclosing income and gains to HMRC through the Self Assessment tax return system. With this in mind, we also offer a cost-effective and hassle-free tax return service to our trust clients.

Trustees are also responsible for reporting and paying inheritance tax on relevant transfers from the trust. We can also prepare the appropriate inheritance tax returns and calculate the tax due to help trustees ensure they met their tax compliance obligations.

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