Since regulation was implemented that requires certain trusts to be registered with HMRC, families are increasingly confronted with their trust-related obligations following a family member's death. Our dedicated UHY advisors are here to guide and support you and your family through these complex processes.

Since the implementation of regulations requiring certain trusts to be registered with HMRC, the types of clients needing assistance with registration have evolved.

  • First, there were actively managed and tax reporting trustees, usually sitting on income generating assets.
  • Later came the more passive but well-advised trustees, often sitting on family property or non-income bearing investments.
  • More recently, a trend has emerged where trustees, previously unaware of their obligations under the Trust Registration Service (TRS) regime, are now seeking guidance.

The most recent group tends to emerge after a death of a family member. This is often a trigger to begin a probate process, sale of assets, or deal with an intergenerational asset transfer. Families typically become aware of their obligations concerning the trust once they seek professional assistance.

How we can help

As one of several UHY offices regulated by ICAEW to carry out probate work, we regularly advise families following a bereavement, helping them through the complicated landscapes of tax and probate. Being familiar with trustee obligations and trust tax, we are well placed to assist trustees and executors, whilst providing advice in a holistic way, looking at the family as a whole rather than just one part of it.

Our service might involve advising on the distribution of a trust, an estate, or both. We will explain your options and obligations regarding asset sales or transfers, and consider how income tax, inheritance tax and capital gains tax impact decision-making, among other related matters.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.