Taking on a trust client

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance

Taking on a trust client

Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
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This guidance note explains the practical considerations when taking on a trust client, including gathering information and defining the terms of the engagement.

Tax advisers may be the trustees of a trust, be acting as advisers to the trustees or be engaged by other professionals such as solicitors to deal with annual accounts and tax returns. Many of the considerations are the same, but this guidance note focuses on the role of the accountant or tax practitioner who is acting directly for the trustees.

Initial enquiries

An initial meeting should be with one or more of the trustees, and may also include other parties such as the settlor, beneficiaries or other relatives. However, if the trust is already established, be clear that your relationship as advisers will be with the trustees.

The first step is to find out what the trust is for and how it has been managed to date. You should obtain a copy of the trust deed as early as possible and before any meeting if possible so that

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