What is a trust?
A trust is a way of managing money, investments, land or property and requires a trustee to manage the trust, a settlor to puts the assets into trust and a beneficiary who benefits from the trust.
Are there different types of trust?
Yes, and with differing tax treatment depending upon the exact terms of the trust.
Why set up a trust?
Trusts can be set up to control and manage assets for a number of reasons including:
- Children or vulnerable adults who cannot manage the assets themselves
- Protecting family assets
- Tax planning while you are still alive and also when you die
- A tax-efficient way of passing on your business to your employees
Is a trust the best solution?
Good question. It depends on what you are trying to achieve or protect, and taking specialist professional advice could save you much heartache, work and even tax later on.
Whether you are exploring if a trust is an appropriate vehicle to mitigate future IHT and keep precious family assets in the bloodline, or maintaining the online trust and estate register and fulfilling the reporting obligations for an established trust, UHY Ross Brooke is well placed to help.
Our services can be tailored precisely to meet your specific needs, whether you are an individual, company or charity.
Our Services for Trusts:
- Advise on the creation, management and closure of trusts
- Dealing with trust from which the deceased benefited
- Dealing with trust created under the deceased’s Will
- Trust Registration Service (TRS) – registration of Trust with HMRC and update the TRS for taxable trusts each year
- Completion of trust tax returns including forms R185
- Trust CGT 60 Day Reporting on the disposal of UK residential property
- Preparation of trust accounts
- IHT Reporting for Relevant Property Trusts subject to Principal and Proportionate charges (also known as ten-year anniversary and exit charges)
- We can deal with HM Revenue & Customs on Trustees’ behalf
- Support and advice for Trustees
We can explain the probate and estate administration processes to you and provide free initial advice and guidance.
Meet our Senior Tax Team
Phil Kinzett-Evans
Tax Director
Newbury
Rebecca Horne-Smith
Associate Tax Director Hungerford
David Jones
Tax Director
Abingdon
Tom Annat
Senior Tax Manager
Abingdon
Mark Duddridge
Senior Tax Manager
Newbury
