We assist Trustees and Executors in managing and optimising their tax affairs, providing expert guidance to simplify the process and helping them make informed decisions in the best interests of the beneficiaries.

Planning

Trusts can be an effective way to reduce your estate’s value for Inheritance Tax (IHT) purposes while safeguarding assets for your beneficiaries. They allow you to transfer wealth while retaining control over how it’s managed and distributed.

We can provide guidance to Trustees on the tax consequences of distributing income or capital to beneficiaries and can help structure the payments in the most tax efficient manner.

We also help beneficiaries understand the tax implications of trust distributions and assist with the necessary tax reporting for these payments.

Trustees managing land & property must address a range of tax considerations. Our expertise in this area allows us to provide comprehensive support, ensuring that holdings are structured in a way that aligns with the trust’s goals.

Capital Taxes

Our guidance covers every stage of a trust’s lifecycle, from creation and ongoing administration to eventual winding up, ensuring compliance and tax efficiency at every step.

Assets transferred into or out of a trust, can trigger both Capital Gains Tax (CGT) and IHT charges and trusts are also subject to IHT every 10 years on the value of their assets. We can ensue that all available reliefs are claimed and any IHT returns are submitted.

Holdover relief allows the CGT liability on qualifying gifts to be deferred, passing on the gain to the recipient instead.

IHT Agricultural Property Relief (APR) and Business Property Relief (BPR) may be available on the transfer of agricultural and business assets, including those held on the trust’s 10 year anniversary.

We have extensive experience in securing the above reliefs, so you can have peace of mind that nothing is overlooked.

Self-Assessment

We help Trustees and Executors deal with their tax compliance obligations by preparing and filing their annual tax returns and liaising with HMRC on their behalf.

Those trusts within the self-assessment system are generally required to file an annual tax return online by 31 January following the end of the tax year (or 31 October for paper submissions).

This can be a time-consuming and sometimes complex process.

We can take the burden of completing and filing your returns from you, ensuring accuracy and timely submission.

We will also prepare tax certificates for beneficiaries who receive income distributions from the trust.

In addition, we can also prepare estate accounts, and help Executors deal with the deceased’s tax affairs up to the date of death.