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The PC Team continued...let's talk trusts.

Last quarter we took the opportunity to introduce the Private Client team as a whole and our branch of expertise, which focuses on the tax affairs of partners and their partnerships. As promised, this quarter we would like to zoom in on another facet of our service - trusts.

UK trusts

Heading up our UK Trust team is Partner, Gregory Wheatley. Gregory enjoys assisting our clients with trusts of varying sizes, to ensure their wealth is protected as it transitions between generations. In close support is Director, Mary Hase, who is an expert in the family side of trusts including estate and Inheritance Tax planning and the general administration of trusts and estates. The compliance and accounting tasks are shared amongst six further members of the team, each with a varying skill set. 

Offshore trusts

While hugely beneficial in the right context, offshore trusts require detailed consideration before putting them into practice, to ensure the most tax efficient structure is in place. The legislation for offshore trusts and non-doms has changed significantly, and with increasing pace, keeping our team on their toes. James Walker, Team Leader of the Private Client team, has been working with offshore trust structures and non-dom clients for over twenty years. His experience combined with that of Director, Maggie Gonzalez provides our clients with an invaluable resource when considering their affairs. 

The latest trust news

It is important to note that anyone who is a trustee in the UK or abroad may have to register their trust with HMRC online as early as 5 January 2018. The amount of information to be provided is significant and, as such, any person affected should allow ample time to complete the register. The Trust team are more than happy to assist with any queries or concerns that arise. 

Additionally, the latest rule changes for offshore trusts became law on 16 November 2017 and there are more planned for 2018, we can assist with helping you stay compliant throughout all rule changes. 

This article was taken from the Winter 2017 issue of the Private Client team's Quarterly Tax Digest. You can access all the other articles here.

You might also be interested in… Tax planning and advice for individuals.

UK Personal Tax Compliance

We see the Tax Return as a window into our client’s life and the best way for us to get to know each other very well. We aim to see that the right amount is paid at the right time on the basis of full, accurate and timely disclosure. 

We assume a role somewhere between trusted advisor and knowledgeable friend – a role vital in ensuring clients are able to keep and enjoy more of what they earn and bequeath it to the next generation.

UK Personal Tax Planning

UK tax is constantly changing and you will have events that require tax planning (e.g. a possible investment into a business or sale of an asset) while also having ideas of how you would like to use your wealth to benefit you and your family (e.g. via gifts or the creation of trusts).

We aim to ensure that you make the most of the tax legislation, while being cautious and reasonable in our approach to tax planning.

Non-Doms and Non-UK Residents

Foreign domiciled UK residents have access to some very beneficial tax rules but those benefits come with complexity, which is ever increasing. We help those who are yet to come to the UK, are already here or those who have left to ensure that they make the most of the available rules.

For anyone outside the UK who owns UK real estate (including non-UK companies), we help them with their ongoing tax compliance and any related tax planning.