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Family Trust Services Changing trust and tax law The problem Trust law is currently undergoing a period of change and adjustment. This can make it difficult for trustees to keep up to date with their duties and obligations to the trust. Managing a trust also involves dealing with its taxation. The Government continually changes regulations and this is often followed by changes in Inland Revenue practice to meet new targets. European Union law is now further affecting this area. The solution This is where a dedicated trust management servicecan be of great help. The consultancy that is fully up to date with all of these changes and, indeed, is involved with the consultation on some aspects of trust law and regulation. We can therefore offer advice and guidance, not only on current practice, but also on the up and coming changes in the law and how they will affect day to day trust management. Our services Trust management The consultancy also offers advice to those who wish to maintain the trust themselves. This encompasses: • Creation of new trusts • Administration and management of trusts: this involves anything from basic tax and book management to considering the needs of the beneficiaries and the implications of distributing the trust property. It can be applied to old and difficult trusts or those that have just been created. • Preparation of trust accounts • Preparation of tax returns Trusteeship for family trusts Members of the consultancy will act as trustees for trusts. In taking on this role they offer all the services as provided for trust management and also formulate an investment policy for the trust, seek advice on it and monitor performance in accordance with the Trustee Delegation Act and Trustee Act 2000. We also offer advice to those who wish to maintain the trust themselves. Experience at your service Toby Harris has many years of experience in trust and tax matters. In nearly thirty years practice as a solicitor, he specialised in trusts and probate and has published widely on the subject. In 1996, Toby founded a small practice to offer a full range of tax consultancy to private individuals and other professionals. He is assisted by Geoff Clark, previously a Tax Inspector with the Her Majesty’s Revenue and Customs, whose long experience in the field ensures that we comply with the stringent requirements of self-assessment as applied to Trust and Estate and Personal Taxation. He also makes sure that all available allowances are claimed for beneficiaries. In 2004 the practice was strengthened by the arrival of Iris Wünschmann-Lyall. Iris specialises in estate planning, trusts, probate and related tax matters. She is a solicitor and a Registered Trust and Estate Practitioner. The consultancy is part of the team that makes up the Professional Tax Practice Ltd. of Oxford. This gives us access to a wide range of professional knowledge in complex areas of taxation Benefits of using the consultancy • We have specific expertise in the field of the taxation of UK trusts and estates and can therefore guide trustees in making important decisions, or make the decisions ourselves as trustees. • You will gain an individual who will stay with the file for many years. • As we are independent of the family we are able to be objectively sympathetic to the needs of individual beneficiaries, whilst also “standing up” to those family members who may make exceptional demands of the trust. • Because our charging rates are very competitive we can take over the administration of relatively small trusts which cannot be dealt with effectively in London and other high-cost areas. • We enjoy close working relationship with several leading stockbrokers and financial advisers. • Unlike a limited company, we are personally liable for the quality of our work. • We manage the finances of our tax and trust practice on a prudent basis. |
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