Trusts & Executorships
Mainly due to the rise in the family home, the Inheritance Tax threshold is not normally enough to protect beneficiaries from a tax burden. One easy and tax efficient way that this can be managed is by using trusts. There are many different types of trusts and at SJPR we can advise you on the most efficient one for you and look after the required accounting procedures necessary.
In addition, we can also assist you with your will, be that a single will or mirrored will.
Where appropriate, we can act as trustees or executors.
Trust and executorship services
Trusts are a long-established way to protect family wealth, provide for children and manage Inheritance Tax. Acting as a trustee or executor also brings legal and tax responsibilities. SJPR Accountants supports families, trustees and executors through every step.
Trust services
- Advice on the right type of trust: bare, interest in possession or discretionary
- Registration and updates on HMRC’s Trust Registration Service
- Annual trust tax returns (SA900) and trust accounts
- Ten-yearly and exit charge calculations for relevant property trusts
- Distributions to beneficiaries and R185 statements
Executorship and estate administration
- Valuing the estate and preparing Inheritance Tax returns
- Supporting the probate application
- Income Tax and Capital Gains Tax during the administration period
- Final estate accounts and distributions to beneficiaries
Reducing the burden on families
Executors and trustees can be personally liable for mistakes. Professional support reduces that risk and makes a difficult time more manageable.
Frequently asked questions
Does my trust need to be registered with HMRC?
Most UK express trusts, and some non-UK trusts, must be registered on HMRC's Trust Registration Service, even if they have no tax to pay.
What is a ten-year charge?
Relevant property trusts, such as most discretionary trusts, can face an Inheritance Tax charge of up to 6% every ten years on the value above the available nil-rate band.
What does an executor have to do?
An executor values the estate, pays any Inheritance Tax, applies for probate, settles debts and distributes the estate to beneficiaries.
Can SJPR act for executors?
Yes. We support executors with valuations, IHT returns, tax during administration and final estate accounts.
Speak to SJPR Accountants. Call 020 3371 0292 or contact our London team to book a consultation.