Trust and Trustee Services

Trusts can be created to help with Tax Efficiency or asset protection. Whatever your needs, we minimise costs and risk while maximising assets.

Whether you need simple and straightforward advice on setting up a trust, or a professional independent or corporate trustee, we can help.

We act as professional trustees and are often appointed as professional trustees on trusts written by other solicitors or organisations. We can act alone or jointly with other trustees.

 

To help you decide what’s right for you, take a look at our case studies. Alternatively, contact us for a free consultation or to arrange a visit (either at home or our offices)

Trust types
Interest in Possession Trusts
Where the beneficiary has an immediate and automatic right to income as it arises
Discretionary Trusts
Where trustees have discretion as to how, when, and for whose benefit to use some or all of the income and capital.
Vulnerable Peoples Trust
A trust for someone who is unable to manage their own affairs.
Tax

There are four taxes which could affect you and your estate:

Capital Gains Tax

Capital Gains Tax is a tax on the profit you make when you dispose of something. The tax only applies if the item has increased in value. So, it is the gain you make that’s taxed, not the amount of money you receive. Some assets are tax-free, and you won’t have to pay Capital Gains Tax if all your gains in a year are under your tax-free allowance. Trustees have to work out the total taxable gain to know if they have to pay Capital Gains Tax.

Corporation Tax

Corporation Tax is a tax that limited companies (and some organisations) need to pay on their profits. A foreign company with a UK branch or office also has to pay Corporation Tax.

Income Tax

Income Tax is a tax you pay on your income. Most people get a Personal Allowance of tax-free income; this is the amount of income you can have before you pay tax. In addition, you don’t have to pay Income Tax on certain savings accounts, some state benefits, savings under a certain amount etc. You do have to pay tax on income received from a trust, but a professional trustee can advise on how to minimise liability.

Inheritance Tax

Inheritance Tax (IHT) is paid when a person's estate is worth more than a set amount when they die. Inheritance Tax can also apply when you are alive if you transfer some of your estate into a trust. Tax on trusts vary, so it is always advisable to discuss your circumstances with a professional trustee to compare the possible options.