Trusts and Estates

Whether you are a solicitor acting for an estate or trust or are an executor or a trustee, we can help manage the HMRC reporting requirements that arise, deal with the tax compliance work and advise on how to manage and minimise the tax liabilities throughout.

Our services include:

• Registration of the trust or estate with HMRC and update of the trust register when required
• Advising executors on whether estate registration and tax returns are required or whether informal procedures are appropriate for declaring taxes on income and gains during estate administration
• Preparation of estate and trust tax returns to calculate income and capital gains tax liabilities and submission of these to HMRC
• Preparation of trust and estate accounts
• Preparation of IHT forms for trust asset appropriations (on closure or for capital payments) and for ten year anniversary reporting and agreement of tax charges with HMRC
• Preparation of forms R185 for estates and trusts and, where appropriate, reclaiming tax for beneficiaries
• Calculation of the tax pool balances and advising the trust on the tax consequences of paying income from trusts to beneficiaries
• Obtaining clearance from HMRC following completion of estate administration or the cessation of a trust
• Advising clients on the specifics of agricultural property and business property relief for IHT
• Advising executors on the capital gains tax consequences of asset sales and minimising capital gains liabilities