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Trusts and Estates

Dealing with the tax surrounding trusts and estates is complex. In order to address personal and family needs whilst at the same time maximising potential tax planning benefits, there are a variety of structures which can be used.

Chief amongst these, in the UK at least, is a family trust. Our knowledge of the tax rules concerning trusts and estates is wide ranging and we are able to advise on situations where a trust may prove beneficial, including assistance in establishing and running a trust, and dealing with all compliance requirements.

We are also able to deal with the tax complexities surrounding estates, including accounting and tax requirements, through to obtaining Grant of Probate and dealing with estate distribution cost effectively.

RJP’s cost-effective service includes the following areas:

Preparation of Trust and Estate Accounts

We can prepare annual accounts with supporting documentation for all types of trust and estates; where the administration period of the estate is complex and lengthy, we will prepare interim accounts as required.

Taxation of Trusts and Estates

We offer a variety of tax and planning services to assist in the complicated taxation matters that can arise including:

  • Preparing trust and estate self-assessments
  • Finalising the deceased’s tax affairs to date of death
  • Preparing statements of estate income and forms R185 for estate income distributions to beneficiaries during the administration period and for trust beneficiaries
  • Calculating the inheritance tax position, completing any necessary inheritance tax forms and agreeing any liabilities with HMRC
  • Capital gains tax planning for estate and trust beneficiaries
  • Estate planning to curtail future inheritance tax liabilities
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31 December 2020 - Review disposals of chargeable assets to avoid a possible CGT increase

Capital gains tax is due to be reviewed by the government and if a CGT rise is announced, the new rates may become effective from the next tax year on 6 April 2021. Take advice now if you are thinking of selling property or have other assets giving rise to a capital gains tax liability.