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
imgtext

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

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™
Powered by Tolley+

Popular Articles

Foreign self-employment

Foreign self-employmentTrading in another jurisdiction involves many issues, only some of which involve taxation. Advice should be taken, not only in relation to tax but on the wider business implications. For an overview of the points to consider for certain jurisdictions see Tolley's Global

14 Jul 2020 11:44 | Produced by Tolley Read more Read more

Holdover relief for disposals by trustees

Holdover relief for disposals by trusteesOverviewWhere a capital gain has been realised on an asset that has been disposed of and that disposal was not for full value (that is not in an arm’s length sale) then holdover relief may be available. This will happen when trustees appoint capital assets

14 Jul 2020 11:54 | Produced by Tolley Read more Read more

Enterprise management incentive schemes

Enterprise management incentive schemesWhat is an enterprise management incentive (EMI) scheme?The enterprise management incentive (EMI) scheme is a tax-advantaged share option employee incentive scheme aimed at small entrepreneurial companies that meet certain conditions. It is designed to assist

14 Jul 2020 11:36 | Produced by Tolley Read more Read more