Any Trust (including those contained in Wills) must be registered with HMRC within 90 days of being created or becoming liable for tax, or on or before 1 September 2022 (whichever is later). Failure to register the Trust may result in penalties from HMRC.
If you wish to instruct us to deal with registration of a Trust then please contact us on 01234 481 085 or email: firstname.lastname@example.org, so we can quote for this work. We do not accept any liability for failing to register the Trust before the relevant deadline.
A trust is an obligation binding a person (an individual or a company) called a 'Trustee' to deal with 'property' (money, investments, land or buildings or other assets, such as paintings) in a particular way, for the benefit of one or more beneficiaries.
The cash and investments held in the trust are also called the 'capital' or 'fund' of the trust. This capital (or fund) may produce income, for example interest or dividends. The land and buildings may produce rental income. The way which the income from the Trust is taxed depends on the type of trust.
If you are thinking of setting up a trust to benefit your family our specialist Chartered Tax Advisor will be able to comprehensively review your situation and provide the right solutions. Premier Solicitors are able to work with you on a fixed fee basis to set up a Trust.
Trustees are the legal owners of the trust property. They are legally bound to look after the property of the trust in a particular way and for a particular purpose. Trustees administer the trust and in certain circumstances make decisions about how the property in the trust is to be used. You may wish to appoint professional Trustees, in which case our expert team at Premier Solicitors are able to help, otherwise usually family members are Trustees. This is particularly important where you require an independent professional to oversee a family trust.
If you are a Trustee contact us for a no-obligation quote; we are confident we will significantly lower the trust costs for the beneficiaries!
A beneficiary is anyone who benefits from the property held in the trust. There can be one or more beneficiaries, such as a whole family or a class of people, and each may benefit from the trust in a different way.
For example, a benefit may be: the income only; or the capital only; or both the income and capital of the trust. If you are a Beneficiary and want legal advice on your rights as a beneficiary contact us for a no-obligation quote.
The responsibilities depend on the type of trust and the terms under which the trust is created. The Settlor or the creator of the Trust, may have given instructions that Trustees carry out various functions, and trust law may impose further obligations.
For taxation purposes the Trustee(s) are responsible for:
Premier Solicitors can provide this service at low fixed fees with no hidden costs. Premier Solicitors will ensure that all the Trusts' taxation obligations are met.
There are a number of different sorts of trusts, but usually they fall into one of the following categories:
Please note that the advice provided on this webpage is not to be relied on wholeheartedly. If you have any queries please do not hesitate to call Premier Solicitors on 01234 35 80 80.