TRUSTS AND ESTATES
Shipleys has a long history of providing Trust and Estate planning advice to our clients. We also take care of the administration and tax compliance of Trusts.
Trusts can provide a tax efficient vehicle for the transfer of family wealth and business assets down the generations, with in-built safeguards to ensure assets pass to the right people at the right time.
However, the tax regime for the operation of trusts has become increasingly complex, and expert advice is essential to ensure the chosen vehicle runs cost and tax efficiently.
Trust Planning
We can provide initial advice on appropriate trust structures to achieve a client’s aim to control the
transfer of personal and business assets to subsequent generations. Where appropriate, we can also arrange
an introduction to a legal adviser to produce the required legal documentation.
Trust Administration and Accounting
Drawing on decades of experience in the management of trusts, we can provide as much help and assistance as
trustees might require, up to and including being the primary interface between trustees, investment advisers,
bankers and other related advisers involved in the administration of a trust and its assets.
We cater for the tax compliance and planning needs of offshore trustees and, through our 50% ownership of Jasmine Trustees Limited in Jersey, we can establish and administer offshore trust vehicles for those clients where this still remains a tax efficient option.
Accounting services to trustees are provided using the latest computerised accounting software, ensuring trustees comply with their duty to account properly for their dealings with trust assets.
Tax Compliance and ongoing Advice
Compliance with HM Revenue and Customs requirements is an integral part of the management of a trust, both for UK and
offshore structures.
Drawing on our team of tax specialists and supported by dedicated tax compliance software, we ensure trustees comply with their obligations in this area.
In addition, our ongoing service to trustees provides advice on legislative changes affecting trustees and any action that should be taken to ensure that the trust structure continues to meet its objectives.
Charitable Trusts
Charitable Trust accounts can cause Trustees considerable headaches with the continuing changes in the
legislation relating both to the administration of such trusts and the accounting records that are required.
The ‘smaller’ charity with income between £10,000 and £100,000 has to have accounts independently examined
and the ‘larger’ charity requires audited accounts.
Tax compliance for charities is not usually thought of as being a problem, however we can give advice on the charities’ operations and the possible tax implications. We have VAT experts who can also advise on any VAT problems regarding any trading activity of the charity. We can deal with the compliance work relating to the recovery of tax due to charities, particularly relating to investment income.
Shipleys has wide experience in offering accounting and auditing services to charitable trusts at all levels. We are able to take on the burden of producing annual accounts and the annual Trustees’/Directors’ report in the format that is acceptable to the Charity Commission. We can also complete the annual return and details of the Trustees/Officers now required of all registered charities by the Charity Commission.
Inheritance Tax Planning
With our wide experience we are able to provide advice on all aspects of Estate Planning to mitigate
inheritance tax liabilities for our personal and business clients. The importance of a properly drawn up
Will cannot be overstressed and arrangements can be made with an appropriate legal adviser to draw up the
most effective Will for a client’s circumstances. We are happy to review the terms of Wills and suggest any
changes which would be advisable (for example on the death of a spouse, or Budget provisions introducing
fundamental tax changes).
We advise Executors on any opportunities they may have to mitigate tax liabilities (be it inheritance, income or capital gains tax). In the case of variations of Wills we advise on the potential tax savings and also work in concert with the legal advisers.
We can also assist in the orderly winding-up of the Estate, ensuring all tax compliance aspects are dealt with, and prepare the executorship accounts.
Help can be given to Executors when preparing the papers to apply for probate, either by personal application or through a family solicitor. Such assistance will also include advice on any inheritance tax liability arising in the Estate and possible means of mitigation of tax by use of deeds of variation, etc.