Trusts

How can we help with trusts? We can provide tax advice and practical support at all stages of the trust life cycle.

Creation

Trusts come in many guises.Their purpose may be to preserve assets for future generations; to protect and provide for beneficiaries; or to save tax in the future. Some trusts arise from wills or intestacy. Whatever their origin and purpose, we can make the necessary arrangements for creation and management and advise on the tax consequences.

Administration

Trusts require maintenance. Investments must be reviewed; decisions made about distributions; tax formalities satisfied. But first, in order to accomplish any of those things, trustees require reliable accounts.

Recent Finance Acts have introduced wide-ranging changes to the taxation of trusts. Trustees will need to be advised on the current law and act accordingly.

We can provide the annual administration and technical advice to enable trustees to fulfil their duties. If required, Pauline will act as professional trustee.

We deal with annual accounts and trust tax returns on behalf of solicitors and accountants.

Change, development and termination

Many trusts are old. They may have fallen into disrepair. We can bring them up to date and provide trustees with practical suggestions for the future. When the time comes to wind up a trust, we can advise on the tax consequences and deal with the realisation and distribution of the trust assets.

Nil Rate Band Discretionary Trusts

A popular and effective Inheritance Tax saving technique for couples is to include a Nil Rate Band Discretionary Trust in their Wills. After the first death, the Trust must be established and maintained if the tax saving on second death is to be achieved. We can advise on the necessary procedures and deal with the administration if required.