Trusts

Although trusts are primarily a structure to protect and manage a capital asset, they continue to also me a valid tax planning tool. Despite the attempts of successive Governments to close perceived loopholes in tax legislation, trusts are still used as a solution to certain standard 'tax problems'.

Trusts are categorised as follows:

• Discretionary,
• Accumulation and maintenance,
• Interest in possession.

Where such a trust is created for tax purposes, it is usually capital gains tax or inheritance tax that the settlor is seeking to minimise. Once created, trustees will need help from their Solicitors, and various support services from ourselves, to administer these trusts:

• Advice on initially establishing and registering a trust,
• One of our partners acting in an individual capacity as a trustee,
• Preparing statutory accounts,
• Preparing self assessment trust tax returns and form R185 tax certificates,
• Preparing self assessment tax returns for the beneficiaries,
• Closing a trust and 'unwinding' its tax status.

Instruct us to act as your trust accountants and let us take away your worry of complying with the various tax and legal rules. We shall also assist you to obtain maximum tax advantage through structuring your affairs in this manner.

Practical Examples of our Trust Expertise

Incorporating an IHT nil rate band trust into your Will. Buying business premises through a SSAS trust and renting these back to the employer company.

Holding family company shares in a trust until the next generation reach a pre-determined age. Protecting family assets from a potential next generation divorce.