Tag Archives: Trust Tax Returns

Trust Tax

Deceased Estates

As specialist deceased estates tax advisers and accountants Lancaster Clements Limited have considerable and hands-on experience in dealing with the tax issues that arise on a death.

Working closely with the Personal Representatives of the deceased, the solicitor and the valuer, we:-

  • Advice on the detailed completion of the Inheritance Tax Return, particularly where the claims for relief and exemptions (Agricultural Property Relief, Business Property Relief, Normal Expenditure out of Income and Commercial Woodlands) would be contentious and substantial amounts of tax are at stake. It is often the case that the claims for these reliefs and exemptions are won (or lost!) on the initial contact with HMRC via the presentation on the Inheritance Tax Return.
  • Advice if there is a tax effective way in which any Inheritance Tax due can be paid, particularly re-payment by instalments, which can be interest-free.
  • Advice on the tax effect of the re-arrangement of family assets, particularly if there is a family business to protect.
  • Advice on skipping a generation; varying the Will (if it is possible to do so) and the tax effect thereof.
  • Advice on the distribution of monies from the Estate, particularly the impact this could have on the income tax payable by the Residuary Beneficiaries.
  • Advice on the tax implications of settling a Claim against the Will.

Trusts

As specialist Trust advisers we are well versed in the use of Trusts for protecting wealth and assets for business or personal reasons, in particular, we advise on setting up and looking after Discretionary Trusts, Interest in Possession trusts.

Our work with clients includes:

  • Trust Formation, including advising the settler of implications of creating the trust and working closely with solicitors to ensure it meets the needs of the settlor and beneficiaries
  • Trust management and administration including maintenance of bank accounts, annual accounts preparation, investment administration, payment of trust distributions,  tax returns, tax advice and planning
  • Trust closure and breaking up
  • Acting as a Trustee
  • Providing advice to Trustees

Conclusion

If you have concerns on how it may impact on you or require further information please contact us.

If you want to read more about the various topics and services we provide, then please go through our FAQs.