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Depatments:
Trusts

Some clients come to us with trusts that have already been established, others have trusts that are created as part of our tax planning advice, including inheritance tax planning.

Cassons' Trust Department has two main roles:

the annual compliance work for trusts

dealing with any technical issues arising from the operation of the trust

The annual compliance work for a trust includes the following, as appropriate:

Preparation of annual accounts.

Preparation of annual income tax and capital gains tax computations.

Preparation of the trust's annual self assessment tax return.

Advising the trustees of any tax liability and due dates of payment.

Preparation of forms R185 (statements of income from trusts or estates, or certificates of deduction of income tax).

Submission of the accounts, income tax computations and the tax return to the Inland Revenue.

Dealing with routine enquiries arising from the submission of the tax return.

Ensuring claims and elections are submitted by the relevant deadlines.

Preparation of inheritance tax returns.

In addition to the routine work carried out as part of the normal annual compliance cycle, we can if requested consider the tax implications of any transactions the trustees wish to implement as part of their duties as trustees, for example:

appointing capital to beneficiaries;

adding new beneficiaries;

varying the terms of the trust; or

varying the investments within the trust.

We can also advise a settlor of the trust who wishes to add further funds to the trust or new trusts, or carry out further tax planning which may impact on the trust.

One of our great strengths as a firm is the strong relationships between all the departments and we have a highly successful financial services team ready to give investment advice to trustees, as well as the support of the full Tax Department for tax planning beyond the trust.