Overview

We provide trust management services for all types of trusts, including interest in possession, discretionary and pre-2006 accumulation and maintenance trusts. We also work closely with our succession planning and wills team to manage trusts created in wills including 18–25 trusts and Immediate Post Death Interest will trusts.

Our expert trust management team advise trustees on managing trust assets and we prepare annual accounts and tax returns (including where relevant FATCA compliance). We also advise on wider tax matters including inheritance tax calculations and returns. We advise on changes of trustees and the appropriate provision of information to beneficiaries.

We also offer charitable trust management services, including day-to-day management of the assets and funds and liaising with independent auditors. Our trust management team maintains the necessary accounting records and prepare annual accounts in line with the Statements of Recommended Practice.

Areas of focus

Our expertise in trust management includes the following:

  • Advice on trustee duties and responsibilities.
  • Administering and managing trust assets.
  • Making income and capital distributions.
  • Maintenance of accounting records and preparation of annual trust accounts.
  • Monitoring investment management performance.
  • Completion of annual tax returns and making tax payments.
  • Inheritance tax compliance.
  • Preparation of beneficiaries' income tax certificates.
  • Attendance at trustees' meetings and liaising with professional advisers.
Experience

Day-to-day management of a large number of private and charitable trusts including the preparation of accounts and annual tax returns as well as periodic and exit IHT returns.

Advising trustees on Inheritance Tax, Capital Gains Tax and Income Tax compliance for a large discretionary trust the creation of which had not been notified to HM Revenue & Customs and completing the subsequent retrospective filing and discussions with HMRC.

Managing the termination of a trust where the beneficiaries had conflicting wishes regarding the assets they were to receive.

Management of a number of charitable trusts including annual charitable accounts (in accordance with the SORP regulations), audit/examination, distributions to charities and Charity Commission compliance (including annual returns).

Liaising with trustees and land agents on development land promotion and option agreements where land is held in trust.

Full FATCA compliance for a large portfolio of trusts.

Managing a trust involving participants in various renewable energy projects receiving very sizeable Feed in Tariff payments.

Creation and management of a number of death benefit trusts involving different pension scheme providers.

Advice to trustees on availability of capital gains tax holdover relief and completion/submission of the HMRC forms.

Advising the trustees of a disabled person's trust of its tax status and their choices.

Managing multi-fund trusts with both real estate and investments subject to Agricultural Property Relief and/or Business Property Relief.

Advising trustees on the proposed sale of a large business and availability of Business Property Relief.

Meet the team
Tom Hewitt

Tom Hewitt Partner

  • Private Wealth
  • Head of Estates and Land
  • Head of Food and Farming
Jim Aveline

Jim Aveline Partner

  • Private Client Services
  • Family Offices and Family Businesses
  • Food and Farming