Trusts and Estates

Trusts and estates are both required to complete and submit to HMRC a self assessment tax return and pay any tax that arises therefrom. Within our private client tax departments, we have the expertise to assist you with the tax compliance and tax planning areas of these unusual taxable entities.

Specialist areas where we are typically involved include:

Compliance Services

  • Preparation of annual accounts,
  • Preparation and submission of the annual tax return,
  • Preparing R185 certificates for beneficiaries,
  • Assisting with obtaining probate and the administrative necessities of valuing assets and changing ownership details,

Outsourced Services

  • One of our partners acting in an individual capacity as a trustee or executor,

Advisory Services

  • Advice on initially establishing and registering a trust,
  • ‘Breaking’ a trust and ‘unwinding’ its tax status,
  • Advising on, and calculating, any inheritance tax due,
  • Considering whether a Deed of Family Arrangement would be a more acceptable (both from a practical and inheritance tax perspective) estate distribution than that detailed in the Will.

Instruct us to act as your trust or estate accountant and tax adviser and let us take away your worry of complying with the various tax and legal rules. We shall also assist you to obtain maximum tax advantage through structuring your affairs in this manner.

Latest Blogs in Trusts and Estates
Keith Day
30th August 2018 Preparing for Retirement

Retiring early is the dream for all of us, it is a chance to do more of what you enjoy, yet unsurprisingly the majority of us have never tried to calculate how much money we will need to save to live comfortably in retirement.  Your likely income needs will depend upon whether in retirement you…

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Neil Groom
18th December 2017 Trust Tax Demand errors

  HMRC are now issuing statements to taxpayers ahead of the 31 January 2018 tax payment deadline.   Unfortunately, for a large number  of trust taxpayers, HMRC’s calculation and statement is incorrect, resulting in HMRC demanding an incorrect amount.   HMRC’s Nottingham Trusts district is apparently aware of this issue, and is currently having to…

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Neil Groom
12th October 2017 Trust Registration Service

  HMRC has released guidance for trustees and their agents for the new online Trust Registration Service (TRS) which has been operating since the middle of July. The new service replaces the old form 41G, as well as a section of the trust tax return used to report changes in trustee contact details.   Trusts…

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Barbara Nicholas
31st August 2017 Inheritance Tax – new exemption for residences

For deaths occurring on or after 6 April 2017, an additional exemption is available where a residence passes to a direct descendant.  At the moment, this amounts to £100,000 but it’s set to increase over the next few years, to a maximum of £175,000 in April 2020.  Commonly known as the Residence Nil Rate Band…

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Barbara Nicholas
5th September 2016 Trust Residence Relief

Matrimonial Trusts: Mesher orders and CGT residence relief. When a marriage breaks down and there are children to consider, the Courts will often provide for a ‘Mesher Order’ – an order of the Court that the former matrimonial home is held on trust to provide a home for the children, typically until the youngest child attains…

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Barbara Nicholas
9th October 2014 Trusts & FACTA

Alert to ALL UK trustees: Registration may now be urgently required with the IRS. FATCA – the Foreign Account Tax Compliance Act – is US legislation aimed at reducing tax evasion by US citizens. It requires financial institutions outside the US to provide certain information about US customers to the IRS. A 30% withholding Tax…

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Neil Groom
4th July 2013 IHT Planning

Use Lifetime Trusts to Save Inheritance Tax. With the government confirming in the last Budget that the current inheritance tax nil rate band of £325,000 will be frozen until 2018, more and more people will find the taxman taking a sizeable slice of their estate on death. Making gifts during your lifetime is one solution…

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