Trust management
Trust law and how Trusts are taxed continuously evolves and it is paramount that Trustees, in fulfilling their obligations and duties, keep on top of the requirements imposed upon them.
Not all Trusts are the same and some are more active than others. Where, for example, assets held within the Trust produce income or are sold, tax returns may need to be submitted to HMRC. Depending on the type of Trust itself, tax returns may also need to be submitted at regular 10 year intervals or when assets are taken from the Trust and given to Beneficiaries. In other instances, Trusts may remain dormant for many years until action is required, such as long-established assets being sold, a Beneficiary coming of age, or some other key life event.
Our Trust lawyers and tax and accountancy advisors regularly manage our clients’ Trusts on a continuing basis, assisting them with their legal, taxation and compliance responsibilities. Key trust management services include:
- Registering Trusts with HMRC
- Preparing and submitting Trust Tax Returns to HMRC in respect of Inheritance Tax, Income Tax, Capital Gains Tax and Stamp Duty Land Tax
- Arranging the payment and reimbursement of tax with HMRC
- Arranging the distribution of assets to Beneficiaries
- Preparing annual Trust accounts
- Attending to Beneficiaries, including in connection with their taxation requirements
- Co-ordinating and chairing regular Trustees meetings
- Working with and assisting other key advisors such as third-party accountants, financial advisors and investment managers
- Providing ongoing guidance to Trustees concerning their duties and responsibilities
- Providing Tax planning advice to Trustees with regard to the ongoing administration and termination of Trusts
- Preparing and overseeing the signature of Trust documentation necessary to ensure the proper and smooth administration of the Trust
- Assisting with the termination of Trusts and addressing the necessary legal, accounting and taxation formalities
Due to our significant experience, we are able to handle the time consuming and technical aspects of Trust administration. Our specialist expertise allows us to add value during this process by guiding Trustees on their duties and responsibilities towards the Beneficiaries and ensuring that assets are managed and distributions are made efficiently.
Our team can advise you on:
- Trust management
- Taxation of Trusts
- Trust administration
- HMRC, accounting and compliance requirements
- Trustees’ duties, responsibilities and obligations
- Beneficiaries’ rights and entitlements
