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 Trusts & trust funds solicitors

Trusts & trust funds solicitors

A tax-efficient trust can be an important tool when looking to protect your assets for the future from things such as Inheritance Tax. Implementing a trust can also help manage capital gains tax and income tax implications.

Overview

Looking after your assets through the use of a trust

Careful estate planning is vital and our team, specialising in trust law, has extensive experience in setting up and running trusts, which are a great way to protect your assets and your loved ones.

Setting up a trust allows specific assets to be transferred to someone else (Trustees) to be used for a particular purpose, such as providing financial support or ensuring long term care, and to benefit specific people (the beneficiaries).

This legal arrangement is an effective and flexible way of ensuring that certain assets can be passed to organisations, future generations or others according to your wishes. .

There are different types of trust suitable for different situations, including:

  • Family Trusts (Discretionary and Liferent)
  • Charitable Trusts
  • Disabled Beneficiaries Trusts
  • Personal Injury Trusts

FAQS

Common questions about trusts & trust funds

What is a trust fund and how does it work?

Answer

A trust fund is a pot of assets, often cash, investments or a house, set aside by you and managed by Trustees for the benefit of the people or organisations that you name.

Why set up a trust?

Answer

Setting up a lifetime trust as a legal arrangement can be an important tool when looking to protect your assets for the future from tax liabilities such as Inheritance Tax. There are many good reasons for setting up a trust, including:

How do trust funds pay out?

Answer

The manner in which trust assets in a trust fund are distributed will depend upon the type of trust that you create. Sometimes named beneficiaries will have a specific entitlement to some of the trust assets. In other cases, the decision making around the distribution of assets will rest entirely in the hands of the Trustees.

Some trusts are intended to be in place for a specific period of time or until a specific event (eg a death or a particular birthday) while others, like lifetime trusts or non resident trusts, are intended to run on an indefinite basis.

TRS

Trust Registration Service (TRS)

Following new EU Anti-Money Laundering regulations and as part of increasing demands globally for transparency, most UK trusts and some foreign trusts, like non resident trusts, are required to maintain details of their beneficial owners. Beneficial owners include settlors, trustees, beneficiaries, protectors and any individuals with control/influence. All express trusts, regardless of whether they are required to pay any tax, must report details of their beneficial owners, together with additional information on trust assets, to HMRC. HMRC will retain this data on a Trust Register. Trusts which require to submit a self-assessment, or have a liability to other taxes such as Inheritance Tax or Land & Buildings Transaction Tax must also notify HMRC and register with the relevant service to ensure those taxes are paid timeously.

Trusts must supply information to HMRC via the Trust Registration Service (TRS) in the first instance. The Information on TRS must then be reviewed and an annual declaration must be submitted to HMRC to record the information is correct. Any changes to the information shown on the Register must be updated within 90 days of the change.

The reportable information is:

  • full name of the trust
  • date of creation
  • trust assets held
  • tax residency
  • beneficial owners details (See Below)
  • correspondence address
  • advisers’ details
  • type of trust

For each Individual beneficial owner (Settlors, Trustees & Beneficiaries who have been determined) the Trustees must report their name, address, date of birth and National Insurance number. If they do not have a National Insurance number, their passport details will be required instead. In addition they will be required to confirm their nationality and country of residence if they are not UK citizens. Date of death will be required for deceased Settlors and if Holdover Relief was claimed on creation of the trust, this should also be intimated.

For Corporate Trustees, details of the name, address, company tax reference, company address and email details are required.

Forms

Trust Compliance Forms

Following new EU Anti-Money Laundering regulations and as part of increasing demands globally for transparency, most UK trusts and some foreign trusts are required to maintain details of their beneficial owners.

Trust Information

Overview

Complete the downloadable trust deed form and return to us.

Trust Information Form

Key contact

Settled Property

Overview

Complete the downloadable trust deed form and return to us.

Settled Property Form

Key contact

Individuals form

Overview

Complete the downloadable form and return to us with a copy of the trust deed.

Individuals Form

Key contact

Corporate details form

Overview

Complete the downloadable form and return to us.
Only to be used if a corporate Trustee is involved.

Corporate Details Form

 

Key contact

Testimonials

“I have found all of the solicitors that I have been in touch with to be helpful, approachable and friendly. Their feedback and advice is invariably practical, commercial and a solution-based legal response, providing a culture of excellence.”

– The Legal 500 2024, HM client

“Harper Macleod is a commercial practice with a very personal dimension.”

– The Legal 500 2024

“A successful blend of friendliness combined with professionalism. They are always willing to listen in order to help build relationships.”

– The Legal 500 2024

“A high level of personal service and efficiency.”

– The Legal 500 2024

“What really stands out about the Harper Macleod team is the depth in their knowledge and expertise. They have experienced practitioners in most areas, including the ones where regulation is fast evolving, such as ESG.”

– The Legal 500 2024

“The partners and associates at Harper Macleod are extremely easy to deal with. I found them to be experts in their fields and to be very accessible. Their collaborative approach is refreshing.”

– The Legal 500 2024

“Harper Macleod are more than capable of handling complex and sophisticated matters for all clients who have been referred to them.”

– Chambers High Net Worth 2024

“The team at Harper Macleod are extremely knowledgeable and are able to support in all areas of private client law.”

– Chambers High Net Worth 2024

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CONTACT US

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Get in touch

Call us for free on 0330 159 5555 or complete our online form below to submit your enquiry or arrange a call back.

Speak to us today on 0330 159 5555

Get in touch

CONTACT US

Get in touch

Call us for free on 0330 159 5555 or complete our online form below to submit your enquiry or arrange a call back.