With many families reviewing their personal estate planning in light of the current pandemic, many are looking to trusts as a means to protect their assets.
Trust Establishment: What do I need to consider?
Trusts are a popular structure for families to use but it is important to make the trust work for you and your personal circumstances. There are various options to choose from - whether a traditional domestic trust or perhaps an alternative structure. Equally, your interests may suit a more commercial structure such as a partnership or company. In some complex cases a tailor made structure might combine all of these elements.
An integral part of our advice will be to focus on the tax implications and whether the on-going financial commitments warrant the return. A sound understanding of your financial, business and family circumstances and objectives is essential. We will co-ordinate and “project manage” work requiring the involvement of advisers in other fields and jurisdictions.
For more information about international trust structures and wealth planning, please click here.
As well as advising founders or “settlors” and their families, we also support trustees.
Trust Management: How do I manage a trust once established?
Many of our clients like us to maintain and administer their trusts. We manage over 800 trusts on behalf of clients; some of these have been in existence for generations, but many are more recent. These cover UK resident family, charitable and personal injury trusts, with a wide range of trust assets including cash, investments, family company shares, land and houses.
We support UK trustees in the management, accounting and tax issues they face, including:
- providing professional trustees where required, including our own dedicated trust corporation
- preparing trust accounts and financial statements
- liaising as required with investment advisers
- managing all the trust's tax affairs, including calculating tax liabilities, meeting HMRC compliance requirements and dealing with beneficiaries' trust tax affairs
- recording the trust's investment policies and monitoring investment performance.
Meet the team
Spring Budget 2021 - predictions
Spring budget 2021 - what will the Chancellor do?
Fabianne de Vos Burchart quoted in International Investment on the new Swiss regulatory system for the trust sector
Tax Journal and eprivateclient cover the hire of tax specialist Sophie Dworestzsky from Withers
No cure for collective insanity
HMRC confirmed that they do not consider offshore income gains to be covered by the so-called “protected settlements” regime.
Place of taxation of brokerage commissions
The new version of Article 21 the Cantonal and Communal Income Tax Harmonisation Act (CCITHA) will enter into force on 1 January 2019.
Suzanne Marriott quoted in Cayman Islands Journal on data protection legislation issues for trust services providers
Collective insanity: the problem with offshore income gains - and what the Government hasn’t done about it
Sweeping changes to the taxation of non-UK resident trusts with UK resident settlors not rectified in latest Finance Act.
Charles Russell Speechlys promotes eight to Partner
A further four have been promoted to Legal Director and 22 to Senior Associate.
UK resident non-UK domiciliaries: the remittance basis
Non-domiciliaries planning on becoming resident in the UK ought to be aware of the remittance basis of taxation.
Non-UK domiciliaries: Inheritance tax issues and opportunities
An introduction to inheritance tax issues that need to be considered where a “non-dom” is planning on becoming resident in the UK.
Tainted love: ensure your trust stays protected
The April 2017 tax reforms in relation to foreign domiciliaries brought major changes to the regime that applies to offshore trusts.
Charles Russell Speechlys crowned 'best legal team' at the WealthBriefing Swiss Awards 2018
The triumph is another milestone in establishing the firm’s growing reputation in Switzerland.
Charles Russell Speechlys recognised in the latest edition of The Spears 500
The annual report is based on peer nominations of the UK's leading private client lawyers.
29 lawyers ranked in Chambers High Net Worth Guide 2017
We performed extremely well and received some fantastic feedback from clients and contacts.
What the two forthcoming Finance Acts will mean for non-doms and beneficiaries of non-resident trusts
The New UK Trust Register: Impact on UK trusts and trustees
New Money Laundering Regulations contain considerable new obligations on trustees and transparency measures to look out for
Wealth Matters - Summer 2017
Welcome to the Summer 2017 edition of Wealth Matters, our regular publication for UK-based private clients.
Charles Russell Speechlys nominated for Annual STEP awards 2017/18
Much ado about nothing?
Proposed changes to the reforms to the taxation of foreign domiciliaries in the UK will be dropped from the Finance Act 2017.
Supreme Court rule in favour of three animal charities in inheritance case