Trust UK tax planning and compliance
As well as advising on how the trustees, settlor and beneficiaries will be taxed, we can also take the burden of completing the trust tax returns off your hands. These may be required for UK resident trusts with income or capital gains, or offshore trusts where there is UK source income, such as UK rental property or from investments. Even if offshore trustees are not required to submit a UK tax return themselves, UK resident beneficiaries receiving distributions will need details of how to report what they receive on their own tax returns. With our support, you’ll pay the right amount of tax, at the right time, on the basis of full, accurate and timely disclosure.
We can also take care of the inheritance tax (IHT) reporting where trust assets are subject to IHT charges, either when distributed or on each 10th anniversary of the trust.
UK tax is constantly changing, which heightens the importance for trustees to consider the impact of their decisions and keep their tax advice up to date. We frequently help new clients reduce tax liabilities created due to assumptions regarding old tax legislation and make appropriate disclosures to HMRC where under-reporting is discovered. Our tax planning experts can help the trustees and beneficiaries to make the most of the tax legislation, while being cautious and reasonable in our approach.