Trust Tax Advice
Establishing and managing a trust can be a complex matter that involves unusual tax issues. At We Save Property Tax, we can advise you on creating the most appropriate kind of trust and can help you work out trust taxes.
Using Trusts for Maximising Your Wealth
Trusts are useful tools that allow you to keep your wealth within your family while living and after you have passed away. In the right conditions, trusts can be a flexible, secure, and tax-efficient way to allow your assets to retain their value when they pass down to your beneficiaries. A trust is also helpful in ensuring that only specific people benefit from your estate.
At We Save Property Tax, we can help you to deal with complex trust tax issues and maximise potential tax planning benefits. Our team of property tax, chartered certified accountants and chartered tax advisers has wide-ranging and diverse knowledge when it comes to tax rules, and we can advise you in situations where having a trust may be beneficial for you.
We can also help you to deal with other tax issues surrounding your estate, including tax and accounting requirements and compliance requirements.
Types of Trusts in the UK
There are three major types of trust in the UK:
Bare trusts: In these trusts, the assets are held by the trustees on behalf of the beneficiary. Typically, these trusts do not involve complex legal paperwork and entitle the beneficiary to all trust capital and income once they attain their majority at 18 years of age.
Interest in possession trusts: These trusts provide entitlement to the beneficiary to specific assets and trust income, excluding expenses incurred.
Discretionary trusts: These trusts involve the trustee having control over the distribution of the income and capital of the trust for a class of beneficiaries.
Our Tax-Efficient Trust Services
Trusts are an essential part of your overall tax planning strategy. At We Save Property Tax, we offer advice on all aspects of establishing, running, and winding up your trusts. Despite the tax changes in the UK, there are still several ways in which trusts offer families a tax-efficient way of passing down their wealth to the beneficiaries while providing protection from divorce, bankruptcy, family disputes, or wayward child.
Some of our services are included below:
Preparing Trust Accounts: We can establish annual accounts for all types of trusts, along with supporting paperwork. If your estate has complex administration, we can also prepare interim accounts as needed.
Trust Taxation: We offer a wide range of tax planning services to help you in complicated estate planning matters, including: