This is a very complex area. There are several types of trust for tax purposes and the terms of the trust will dictate how the trust is then treated for tax purposes. There are different rules for IHT, CGT and income tax and it is important to identify the type of trust at an early stage. The nature of the trust for tax purposes may change over time and the trustees need to be able to identify that this is the case.
We have a range of services for trustees ranging from dealing with one-off queries to carrying out a general review to acting for the trustees in administering the trust. Please contact us to discuss your trust in more detail so we can identify how we might help you.