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Trustees have a duty of care to beneficiaries and they must ensure that all trust income is correctly declared to HM Revenue & Customs with any resulting tax liability being paid by the due date. Trustees can be held personally liable for breaches of duty or responsibility.

Tax legislation has changed significantly in recent years meaning that proactive and timely advice is vital to help trustees meet their duties. Some reporting deadlines have been shortened meaning there should be regular dialogue with your tax adviser.

Recent work with trustees has included:

  • advising on tax efficient distributions to beneficiaries

  • reviewing a trust deed and summarising the clauses within it

  • tax planning in advance on a 10 year anniversary

  • preparation of inheritance tax returns to report 10 year anniversaries and capital distributions

  • reviewing tax payments

  • maximising a claim for Entrepreneurs' Relief

  • advising on cash flow implications following a change in tax rates

  • advice regarding a claim for principle private residence relief following the sale of a property

If you would like a free no-obligation meeting to discuss how we could help, please get in touch.

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