Trusts (Non Residents)

Emulous Accountants are experts in the use of accounting & tax planning for non-UK trusts.

What is a trust?

A trust involves the settlor who is the person who puts assets into a trust, for the benefit of normally a loved one or a charity. A trust usually has a number of trustees who manage the trust assets for the beneficiary being the person who benefits from the trust.

Why use a trust?

Trusts can be used for many purposes such as:

  • Tax mitigation.
  • Control and protect family assets.
  • Protect assets if beneficiaries are too young to handle their affairs.
  • When someone can’t handle their affairs due to a physical or mental disability.
  • To pass on assets during their lifetime or death via there Will.
  • Avoidance of probate.

Settlors role

The settlor is the person gifting the assets to the trust. These assets can be cash, chattels, company shares or land. The settlor decides how these assets are to be held and used and for the benefit of which beneficiary via a legal document called the trust deed.

Trustees role

The trustees role is to manage the assets in accordance to the wishes of the settlor as per the trust deed or Will. The trustees manage the day to day running of the trust. There is no reason that a settlor cannot be a trustee.

Beneficiary

A beneficiary is the person or persons that will benefit from the trust. This can be a whole family or a group of people.

How can Emulous Accounting help?

  • Register your trust using the trust registration service.
  • Complete & submit inheritance tax returns as and when required.
  • Complete & submit tax returns for income or gains received by the trustees.
  • Complete & submit gift relief claims where applicable.
  • Offer proactive advice on tax mitigation with trusts.
  • Prepare annual trust accounts to assist the trustees to manage the trust.

At Emulous Accounting we are experts on the use of trusts for both tax purposes as well as succession planning purposes.

For more detailed information and to arrange a free consultation, please contact us.

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Willesden Green

London

NW25DX

Company Number

11457978

 

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