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Trusts
Making the complex simple
A trust is simply an arrangement where assets are held by one or more individuals or a trust company for the benefit of others. Trusts can be established during your lifetime or on your death if included in your will. They are no longer primarily instruments for tax planning, and have a wide range of potential uses for the management and control of family assets.
UK and offshore trusts
Trusts are flexible vehicles for the management and control of assets. They are a number of reasons why someone might consider using a trust:
- You wish to make a gift of money/an asset but continue to exercise some discretion over how that money, or asset is used and invested;
- If, due to illness or disability you are unable to look after your own assets;
- To ensure that any assets that you leave to your children are protected should your spouse remarry after your death.
Trusts have some distinct tax considerations and trust income tax can be complex. It is therefore important to ensure they are set up and managed correctly. It is also important to ensure that existing trusts are still appropriate for your needs.
We can advise on the most appropriate UK or offshore trust for you. We can also review existing trusts to ensure that they are still fit for purpose.
Trust compliance
Trustees may be required to file self-assessment tax returns in respect of the income and capital gains received by the trust. Trust tax returns can be complex and not every accountant or tax adviser is comfortable completing them.
We can assist trustees with all aspects of UK trust tax as well as tax trust compliance obligations including IHT reporting, if required.
Case Study
Trusts
