Carol Spoor

Trust services

A Trust is a means of protecting wealth from one generation to the next. They are also a means of lowering a personal estate (if likely the settlor is likely to live more than seven years) as part of careful tax planning.

They can be created during the lifetime of the settlor or as a will trust. They are useful as a means of providing for school fees or maintenance for children, grandchildren or providing for vulnerable family members.

Also they can be used as a means of protection against marital break-up and family disputes.

We can arrange the set-up and administration of the Trust (including registration) as a vehicle to protect your assets – whether that be cash, property, land, or shares and securities.

In the case of discretionary trusts, we can prepare the IHT Tax Returns for the 10 year anniversary and for intermediate capital advances to beneficiaries.

We are pleased to have such an experienced and specialist Trust team at Rushtons that can assist with a wide range of services including the following:

  • Advising on and assistance with setting up a Trust (including registration)
  • Dealing with the ongoing administration of Trusts
  • Preparation of annual Trust accounts
  • Preparation and submission of annual Trust Tax Returns
  • Providing advice on income and capital distributions
  • Making claims for tax repayments, where appropriate, on behalf of beneficiaries
  • Preparation of Inheritance Tax Returns for the 10 year anniversary/immediate capital advances in the case of discretionary Trusts
  • Working alongside your legal advisors

Trust and Estate Tax

Income Tax and Capital Gains Tax compliance services

Rushtons act for a number of legal firms who find it more convenient to use our services than to deal with these matters in-house.

We can provide the following services:-

  • The Self-Assessment Return for the period to the date of death;
  • Preparation of outstanding Returns for any earlier years;
  • Quantification of any Estate income and capital gains tax liabilities, reporting to HM Revenue & Customs under the informal procedures or preparation of Estate Self-Assessment Returns where necessary;
  • Preparation of Trust Self-Assessment Tax Returns, and where required Trust Accounts;
  • Preparation of R185(Estate) and R185(Trust) forms for the beneficiaries;
  • Preparation of Tax Returns or repayment claims for individuals who have a Receiver appointed to look after their affairs; and
  • Preparation of Summary of Income and Expenditure sections of the annual reports of Deputies to the Office of the Public Guardian

All Self-Assessment Returns are prepared on our software. After Returns have been duly approved and signed, we can file these directly with HM Revenue and Customs. You can therefore take advantage of the 31 January electronic filing deadline rather than perhaps being constrained to meeting the earlier paper filing deadline of 31 October.

Require more information?

If you would like more information or would like to speak to us direct then call us on 01772 693111 or 01253 345444. Or if you would prefer, ask us a question online.