Trusts can be a valuable and tax-efficient way of protecting your financial assets for future beneficiaries, with a wide range of choices to suit your specific needs. We can help you decide if a trust is the right option for you and can provide the expert support you need to make that trust effective and HMRC-compliant.
What is a trust?
A trust is a legal arrangement that owns assets and is administered by trustees on behalf of the beneficiaries.
What types of trust are there?
- Bare trusts – assets are held in name of the trustee, but a beneficiary has the right to all of the capital and income at any time if over 18.
- Interest-in-possession trusts – the beneficiary has an immediate right to income from the trust as it arises, but will usually not have rights over the capital.
- Discretionary trusts – trustees have the discretion as to how to use the trust income. The trust deed may also give trustees the discretion on how to distribute capital.
- Other more specialist trusts include trusts for vulnerable people, personal injury trusts, charitable trusts, mixed trusts, and non-resident trusts.
How can we help?
If you are considering setting up a trust, we can:
- advise you on the most appropriate type for you
- talk you through the tax implications
- help you to set it up
- support you with all the accounting and taxation services you need
- make sure that the trust is HMRC compliant.
Get in touch
For a free initial consultation, contact Andrew Roberts: firstname.lastname@example.org