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Trusts

Trusts are a long-established way of passing on wealth from one generation to the next; in effect, a trust empowers you to have the unequivocal final word on how your money is used by others, both while you are alive and after your death. Moreover, using a trust could help you to reduce an inheritance tax bill.

As with almost everything related to income – during your lifetime and following your demise – there are tax implications. Let Ayres Bright Vickers advise you on all aspects of trusts. We’re Chartered Accountants and we have considerable experience and knowledge of trusts. Moreover, we can advise you on the most appropriate type of trust.

We’re here to make things easy for you for total peace of mind and security.

Trusts Overview

A trust will involve:

The settlor.

The person who puts the assets into a trust – most likely you. You’ll decide how the assets should be used, and this information will be contained within a “trust deed”

The trustee.

The person (or persons) managing the trust. The trustee deals with the assets according to your wishes, manages the trust on a day-to-day basis and pays any tax due on it.

The beneficiaries.

The person (or persons) who will benefit from the trust. He/she/they could benefit from the trust capital only, the trust income, or both.

The beneficiaries.

The person (or persons) who will benefit from the trust. He/she/they could benefit from the trust capital only, the trust income, or both.

Are trusts complicated?

Yes, they can be.

How? Well, there are different types of trusts, with distinct tax implications. Some (for example trusts for vulnerable children) even have their own special tax rules. The cash and investments within them usually produce an income and of course, those earning are going to be taxed. The beneficiaries also pay tax on their trust income. What’s more, if trustees sell an asset, there may be capital gains tax to pay.

So, given the above, can you afford NOT to let Ayres Bright Vickers help you with a trust?

We’ll break down everything into everyday language (no “accountancy speak”) and our tax experts can recommend the most appropriate trust for you needs and liaise fully with HMRC on your behalf.

Get In Touch

If you’d like us to help with your tax affairs, it will be our pleasure to do so.

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