The Knowledge Centre

Trusts – introduction This signpost pulls together all of our articles and resources on trusts. Please feel free to browse the content. If you have any queries or suggestions, then the team would be delighted to hear from you. What is a trust? Getting your head around this question has sent many a person, including […]

The taxation of trusts is a particularly complex area of tax and this article is intended to provide an overview of some of the tax issues which will need to be considered when seeking to collapse a trust structure. This part deals with winding up a relevant property trust. What is a Relevant Property Trust? […]

The taxation of trusts is a particularly complex area of tax and this article is intended to provide an overview of some of the tax issues which will need to be considered when seeking to create a trust structure. What is a Relevant Property Trust? A relevant property trust is defined in the negative – […]

Anti Avoidance, UK Beneficiaries, Non Residents, 10 year IHT Charges & Bringing Onshore The tax benefits of using trusts have been eroded over the last two decades – however, they are useful vehicles for the management, control and protection of assets. As with any trust, the settlor will transfer assets on to the trustees who […]

Introduction – Trust Inheritance Tax As Frank Sinatra sang, trusts and Inheritance Tax go together like a horse and carriage. Or something like that. However, it is true that when one is considering a new or existing trust then Inheritance tax should be front and centre of the mind. s very important to consider when […]

Introduction – trust capital gains Regardless of whether the trust is an IIP or a DT then it will be liable to pay capital gains tax on where the trustees have disposed of assets that are standing at a capital gain in the relevant tax year. Generally, the capital gains position is likely to be […]

Trust Income Tax General position  The trustees will pay income tax any trust income They will pay this tax on behalf of the trust under the normal self-assessment rules. In other words, the same filing deadlines and payments on account rules as for individuals will apply. Of course, the Trustees’ responsibility to deal with the […]

Background – What is a trust? So, what is a trust? Getting your head around precisely what a trust is has sent many a person, including advisers, to the brink of insanity. At its most basic, a trust is a separate legal entity – like, say, a company. However, and with regret, it is perhaps […]

What is an Interest in Possession trust? An Interest in Possession trust is a trust where a beneficiary has an absolute right to the income of the trust. They are often referred to as ‘life tenants’ and this type of trust is often referred to as a life interest trust. Even though the income is […]