Trusts & Self Assessment...
Below are our articles on the subject of Trusts & Self Assessment. If you can't see what you are looking for our other categories are displayed on the left under 'Our Quick Links'...
Accumulation and Maintenance and Mixed Trusts
Looking at the characteristics of accumulation and maintenance and mixed trusts, and examines the circumstances in which these might be used....
Administration of Your Estate
Looking at the way in which the estates of individuals who die without making a will are handled....
Advantages of Charitable Trusts
This article gives a brief overview of the nature of charitable trusts, and looks at some of the benefits associated with them....
All About Protective Trusts
Protective trusts have become less popular in recent years. However, they may still suit your needs in certain narrow circumstances....
Alternatives to the Child Trust Fund
The Child Trust Fund, which allowed parents to put money away for their children tax free, is no longer open to new applicants. So what are the alternatives?...
Am I Entitled to Benefits After a Death?
There is a range of benefits available to those individuals who have been recently bereaved. The benefits to which you are entitled will depend on your circumstances....
Appealing for Funds
Explaining some of the regulations regarding charitable fundraising, as revised in the Charities Act 2006....
Are Discretionary Will Trusts Still Necessary?
Discretionary trusts were previously popular amongst those wishing to maximise their Nil-Rate Bands. But they still have a range of uses, despite changes to the Inheritance Tax schedule....
Are Offshore Trusts Legal?
Offshore trusts have a range of practical uses, but their legality looks set to be questioned further as the OECD puts pressure on offshore jurisdictions....
Are Trusts Liable for Capital Gains Tax?
Looking at the treatment of different types of trust with regard to capital gains tax (CGT)....
Asset Protection and Divorce
Recent cases have cast doubt on the viability of asset protection trusts when they are established for the purposes of safeguarding assets against a divorce settlement....
Avoidance of Probate
This article looks at the ways in which living trusts can be used to ensure that the probate process can be avoided....
Avoiding Inheritance Tax
We take a look at one method by which inheritance tax can be avoided through the use of a trust....
Budget 2011 and Inheritance Tax: What Changed?
The 2011 Budget included the '10 for 10' scheme - a way for taxpayers to cut their Inheritance Tax liabilities by donating part of their estate to charity....
Business Succession: Step by Step
Family succession is an increasingly popular exit strategy for business owners. If you choose to pass your business on to a family member, you should ensure that the process is properly managed....
Can Conditions Be Put Into Adult Children's Trust Funds?
Parents frequently wish to safeguard their children's inheritance in order to prevent it being frittered away. However, this becomes slightly more complex when the offspring are adults....
Capital Gains Tax on Losses From Trusts
Looking at the ways in which a capital gains tax (CGT) liability can be reduced through offsetting with allowable losses....
Capital Gains Tax Rates and Exemptions?
Looking at the basic characteristics of Capital Gains Tax (CGT), and the ways in which CGT liabilities may arise....
Capital Gains Tax Taper Relief
Looking at taper relief, an important method by which a Capital Gains Tax bill can be reduced....
Charitable vs. Non-Charitable Trusts
This article looks at some of the major differences between charitable and non-charitable trusts....
Checklist: Do I Need a Testamentary Trust?
Testamentary trusts have a variety of uses and applications, but they are not for everyone. A testamentary trust is simply one tool in the estate planning arsenal....
Checklist: Is a Charitable Trust Right for Us?
Charitable trust enjoy favourable tax treatment, and trustees of these organisations benefit from significant flexibility. But this type of arrangement is not the right choice for everyone....
Choosing a Location for Your Asset Protection Trust
Choosing a location for an asset protection trust is a vital consideration, as the rules in place in each jurisdiction will have a direct impact on the success of the trust....
Choosing a Trust Type for Inheritance Tax - Step by Step
Setting up a trust to avoid Inheritance Tax can be a confusing prospect. There are several main factors that you should consider....
Contributing to a Child Trust Fund
This article looks at the basic characteristics of the Child Trust Fund (CTF), and the rules regarding contributions to different types of CTF account....
Creation of a Trust
This article looks at the methods by which a trust can be created, and the potential problems associated with the process....
CTF Abolition: What Does it Mean for Me?
The Child Trust Fund is set to be scrapped. While existing customers' money is safe, expectant parents should look for other ways to save for their children's future....
Disadvantages of Living Trusts
This article looks at some of the potential disadvantages associated with living trusts....
Do I Need a Solicitor For a Trust?
This article investigates whether or not it is necessary to seek legal advice when considering establishing a trust....
Does an Asset Protection Trust Suit My Needs?
Asset protection trusts can have a number of different applications. However, it is important to understand the limitations of this type of trust, and the instances in which it might be useful....
Establishing a Charitable Trust
This article looks at the process of establishing a charitable trust, and includes guidance on drafting a trust deed....
Estate Jargon: Key Concepts Explained
There is a wide range of jargon surrounding estate and probate law. It is important that you understand the key terms before taking any action in this field....
Estates, Inheritance and Business Succession: A Case Study
There is a variety of tax relief available for those wishing to pass their business onto a relative....
Failure of Testamentary Trusts
Looking at the ways in which individuals can contribute to Child Trust Fund Accounts, and the process by which withdrawals can be made on maturity....
Family Business Succession and Tax
The tax implications of business succession are significant. Plenty of relief is available for entrepreneurs, but you must be sure you know how to claim it....
First Steps - Claiming Child Benefit
Outlining the requirements for eligibility for Child Benefit, and looks at the process by which parents can claim....
Guardianship and Incapacity
This article looks at the way in which living trusts can be used to avoid guardianship proceedings in the event of incapacity....
Guide: Completing Your First Self Assessment
As a trustee you will likely be required to complete a Self Assessment tax return. As long as you are well prepared, this should not be too difficult....
How Can an Offshore Trust Help Me?
Offshore trusts can be useful in a wide range of situations, from asset protection to company management - but they are not a panacea for all legal or financial problems....
How Do I Register for Self Assessment?
Trustees and beneficiaries may have to complete a Self Assessment tax return in order to ensure that their income is taxed appropriately....
How Has the Credit Crunch Affected My Estate?
The effects of the credit crunch have provided a valuable opportunity for those trying to minimise an Inheritance Tax or Capital Gains Tax bill....
How I'm Trying to Avoid Inheritance Tax
Inheritance Tax remains a major problem for many families. But there is a range of techniques you can use to ensure that the taxman takes as little of your estate as possible....
How is a Bare Trust Taxed?
Looking at the tax treatment of bare trusts, and explains the revisions made to the tax schedule in 2006....
How is a Discretionary Trust Taxed?
Looking at the tax treatment of discretionary trusts, frequently used to mitigate an inheritance tax liability....
How is an Interest in Possession Trust Taxed?
This article looks at the treatment of interest in possession trusts for income, capital gains and inheritance tax purposes....
How to Trace Whereabouts of Trust Funds?
Locating a trust can be difficult in the absence of a central body for their registration. But trust documents are frequently found with a will, or lodged with a solicitor or accountant....
How We Manage Our Charitable Trust: Case Study
Managing a charitable trust involves a huge range of challenges - from paying the bills to making decisions about which projects to fund....
I Am a Trustee: What Do I Do Now?
Trustees have a range of important responsibilities, both immediately following the death of a settlor and throughout the life of the trust....
I'm Already Planning My Family Succession: Case Study
Family business succession can be a lengthy and difficult process. A successful succession involves extensive forward planning....
Implied and Express Trusts
Looking at the distinction between implied and express trusts, and between presumed and automatic implied trusts....
Important Budget 2009 Changes to the Child Trust Fund (CTF)
The 2009 Budget brought about some significant changes with regard to the Child Trust Fund, with disabled children now qualifying for an extra payment....
Important Terms Associated With Trusts
This article looks at some of the key terms associated with trusts, and clarifies some distinctions between phrases....
Incentive Trusts: Encouraging Responsibility
What the characteristics of incentive trusts are, and their potential uses....
Junior ISA: a Child Trust Fund Replacement?
The government has said that the Junior ISA is a replacement for the Child Trust Fund. But does it really offer the same benefits as the old scheme?...
Keeping Track of a Child Trust Fund Account
Looking at some of the ways in which the representative of a child should be keeping track of the Child Trust Fund account....
Leaving Money to Charity: Step by Step Guide
Leaving money to a charity in your will can be a deceptively complex task. It needs to be completed in a specific manner, and you may need to take legal advice....
Life Insurance Trusts
All the ways in which trusts can be used to keep life insurance pay-outs safe from the taxman....
Living Trusts vs Lasting Power of Attorney: Which is Right for Me?
Living trusts and Lasting Power of Attorney are both very powerful legal tools with their own characteristics and potential uses....
My Asset Protection Trust Failed: Case Study
Asset protection trusts are particularly vulnerable to attack, and legal details can often lead to a trust becoming useless or being declared invalid....
Offshore Trusts Vs ‘Non-Dom’ Status
Offshore trusts and non-domiciled status, although vilified by governments, remain popular amongst many people. But these concepts can be confusing, and are not suitable for all....
Other Types of Trust
All the characteristics of fixed, discretionary and hybrid trusts, and examines their potential uses....
Potential Problems with Inheritance Tax and Trusts
The potential problems and limitations associated with the use of trusts to mitigate an inheritance tax liability....
Probate Valuation Explained
Investigating the process of probate valuation, and explains why it is important that it is begun promptly....
Protecting Your Estate from Creditors
Protecting your estate from creditors is legally difficult, but it can sometimes be achieved through the use of an asset protection trust....
Protecting Your Estate from Inflation
Inflation is eating away at the value of your estate. But with a few simple techniques you can reduce the impact of inflation on your assets....
Protecting your Estate from Market Fluctuations
Looking at some of the ways in which assets can be safeguarded in these times of financial turmoil....
Providing Security for your Dependants
Looking at some of the ways in which individuals can provide financial security for their dependants and other beneficiaries....
Questionnaire: Is Family Business Succession Right for Me?
Keeping the business 'in the family' is a common desire. But there are important issues to be considered when looking at family business succession....
Reasons for Establishing a Living Trust
This article looks at some of the main reasons that individuals might choose to establish a living trust....
Recent Legal Reform
Explaining the provisions made in the Charities Act 2006, and the ways in which they affect charitable trusts....
Reducing your Tax Bill With an Offshore Trust
Looking at the potential for avoiding and mitigating tax liabilities through the use of an off-shore trust....
Responsibilities of a Trustee
This article looks at the responsibilities taken on by trustees, and investigates the practicalities of their duties....
Revocable and Irrevocable Living Trusts
This article looks at the distinction between revocable and irrevocable living trusts, and the potential benefits and drawbacks of each....
Revocable and Irrevocable Trusts
Explaining the differences between revocable and irrevocable trusts, and the circumstances in which each might be used....
Rules on Character
All about the basic requirements that must be fulfilled in order for the character of a trust to be deemed charitable....
Rules on Estates for Non-Domiciled Individuals
Investigating the newly announced changes to rules regarding the tax treatment of non-domiciled individuals....
Separating Ownership and Use
Ensuring that the settlor has no legal ownership over settled assets is an important element in a successful asset protection trust....
Separating Your Business from Your Estate
A business can make a big dent in your Inheritance Tax allowances, and you may therefore wish to find a way to separate your business from your estate....
Setting Up a Charitable Trust: Step by Step Guide
Setting up a charitable trust need not be a complicated process, but it is important that it is done correctly....
Setting Up a Living Trust: Step by Step Guide
Living trusts, also known as inter vivos trusts, can perform a number of functions from probate avoidance to asset protection....
Setting Up an Asset Protection Trust: Step by Step Guide
Asset protection trusts can be difficult to establish - and even more complicated to maintain, particularly when your assets are under attack....
Setting Up an Inheritance Tax Trust: Step by Step Guide
Setting up an Inheritance Tax trust is a relatively simple process, and can help prevent your beneficiaries having their inheritance cut by the taxman....
Step-by-Step: Completing Your First Self Assessment
Many of those involved with trusts, including trustees and beneficiaries, are required to complete a tax return. With some preparation the Self Assessment process shouldn't be too taxing....
Tax Avoidance Investigated by MPs?
MPs have announced an investigation into corporate tax avoidance. Their findings could have an impact on many trust arrangements....
Tax Effectiveness
What is tax effective? This article explains the tax advantages that are available through the establishment of a charitable trust....
Tax Relief Through Gifting
Looking at the way in which an Inheritance Tax liability can be reduced through the use of gift exemptions....
The Probate Process and How to Avoid It
Looking at the difficulties that can arise as a result of the probate process, and investigates ways in which the process can be avoided....
Top Asset Protection Tips
Asset protection is a complex area, but there are a few simple principles that can help to guide you through the process....
Top Tips for Deciding on Suitable Beneficiaries
Our top tips on choosing beneficiaries, and deciding how to disburse funds....
Trust Holders: Who Should Complete a Self Assessment?
Beneficiaries, trustees and settlors may all be required to complete a Self Assessment tax return to ensure that they pay the correct amount of tax....
Trusts Jargon Decoded
There is a huge amount of jargon applying to trusts. If you are considering establishing or managing a trust it is vital that you understand some of this jargon....
Types of Child Trust Fund Account
Looking at the variety of account types available for use with the Child Trust Fund....
What Are Equitable Estates?
This article looks at the concept of the equitable estate, and its implications for inheritance....
What Are Offshore Trusts?
Offshore trusts have a range of uses, from asset protection to tax avoidance. But the rules governing them can be complex, and they can be difficult to establish....
What Are the Alternatives to a Charitable Trust?
Charitable trusts are not the only option if you want to start a charitable venture. You may also wish to consider incorporation, or other forms of unincorporated association....
What are Trustees and Beneficiaries?
This article looks at the characteristics of trustees and beneficiaries of trusts in English law....
What Do I Do After Someone's Death?
There is a range of tasks that must be completed following a bereavement. Some of these need to be carried out within five days of the death....
What Do the New CGT Rules Mean for Me?
Changes made to the Capital Gains Tax rules in the Chancellor's first Budget announcement have potentially significant implications for investors....
What Happens When the Settlor Benefits?
Looking at the tax implications of situations in which the settlor continues to benefit from assets held in trust....
What If I Cannot Pay My Self Assessment Tax Bill?
Trust beneficiaries often have to pay tax through Self Assessment. If you cannot pay your tax bill it is important that you do not ignore the problem....
What If I Want to End My Living Trust?
Living trusts can be ended in some circumstances - but only if they are revocable. Irrevocable living trusts will stand until the final disbursement of assets....
What is a Bare Trust?
Explaining the characteristics of bare trusts, and the way in which they can be used as tax-efficient methods to save for children....
What is a Charitable Trust?
This article looks at the basic characteristics of charitable trusts, bearing in mind the changes entrained by the Charities Act 2006....
What is a Living Trust?
This article looks at the definition of 'living trusts', as well as their potential uses....
What is a Settlor?
This article looks at the basic characteristics of the settlor of a trust, and investigates their rights and responsibilities....
What is a Testamentary Trust?
This article looks at the characteristics of a testamentary trust, and the way in which they differ from those of living trusts....
What is a Trust?
This article looks at the basic characteristics of trusts, and investigates some of the situations in which they can prove useful....
What is Absolute Entitlement?
Looking at the concept of absolute entitlement, and the effect that this principle may have on the workings of a trust....
What is an Estate?
The concept of the estate is vitally important for understanding both the probate process and the principle of equitable interests....
What is Asset Protection?
Asset protection is a complex area that makes use of a variety of techniques and strategies. However, it has useful applications for a variety of individuals and businesses....
What is Estate Planning?
Looking at some of the definitions of ‘estate planning’, and investigates some of the tools that can be used to formulate an effective plan....
What is Inheritance Tax?
This article defines inheritance tax, looks at the rates at which it must be paid, and investigates potential exemptions....
What is the Child Trust Fund?
Looking at the basic characteristics of the Child Trust Fund, and examines the rules regarding eligibility....
When is a Trust Constructive?
Explaining looks at the characteristics of a constructive trust, and examines situations in which such a trust might arise....
When is a Trust Public or Private?
Looking at the distinctions between public (also known as charitable) and private trusts....
When Would I Use a Discretionary Trust?
Looking at the characteristics of a discretionary trust, and examines the ways in which such a trust might be used to mitigate an inheritance tax liability....
When Would I Use an Interest in Possession Trust?
Explaining the characteristics of interest in possession trusts, and the circumstances in which they might be used....
Where Can I Get Advice on Trusts?
This article looks at some of the most reliable alternative sources of advice regarding trusts and their implications....
Why Might a Trust be Used?
This article looks at some of the potential uses for trusts, including inheritance planning, the most common reason for the establishment of a trust....
Will a Trust Affect my Self Assessment?
Looking at the implications of involvement in a trust for the process of self assessment....
Wills and Living Trusts
This article looks at the differences between living and testamentary trusts, and investigates wills and testaments as trusts....
Your Business as Part of Your Estate
Business assets are counted as part of your estate, just like any other assets. But tax reliefs offer a way to minimise any Inheritance Tax bill that might arise....