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Legal News | 21.03.24

You can trust us

Whether you are looking to create a trust, you are a trustee of a trust or you are a beneficiary of a trust, here is a brief reminder of just some of the ways Wansbroughs can help you.

  • If you are looking to create a trust, we can explain the different types of trust, their advantages, disadvantages and tax implications. We can prepare the paperwork to create the trust and register the trust with HM Revenue and Customs through its Trust Registration Service.  We can also assist with the transfer of assets into the trust.

 

  • If you are a trustee of a trust, we can explain the powers you have in relation to the trust and the duties you owe to the beneficiaries. We can also assist with the administration of the trust by, for example, maintaining HM Revenue and Customs’ register for the trust, recording the decisions you make in relation to the trust and submitting tax returns for the trust.

 

  • If you are a beneficiary of a trust, we can explain the rights you have in relation to the trust, both to assets of the trust and to information from the trustees.

 

Another reminder

The new tax year approaches and it brings with it some important changes to capital gains tax:

  • From 6 April 2024, the annual exempt amount (the amount of gain you can realise before paying capital gains tax) will be reduced from £6,000 to £3,000 for individuals and personal representatives and from £3,000 to £1,500 for most trustees.

 

  • From 6 April 2024, the higher rate of capital gains tax (for disposals of residential property) will be reduced from 28% to 24%.

 

If you would like more information about trusts or capital gains tax, please contact your usual Wansbroughs contact or e-mail Wansbroughs’ private client team at wealth@wansbroughs.com.

 

Posted By Our Wills, Tax, Trusts & Probate Team