Taking on a trust client

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

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

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Owner-Managed Businesses

Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

14 Jul 2020 14:00 | Produced by Tolley Read more

Corporation Tax

Research and development (R&D) relief ― overview

Research and development (R&D) relief ― overviewThis guidance note provides an overview of the research and development (R&D) tax reliefs for companies.See the Research and development tax relief summary diagram which summarises the R&D tax relief.See also Simon’s Taxes D1.401.For a factsheet which

14 Jul 2020 12:22 | Produced by Tolley in association with Will Sweeney Read more

Owner-Managed Businesses

Capital allowances on cars

Capital allowances on carsSummary of capital allowances on carsThe current capital allowance rates applicable to cars are as follows:Pool typeDescription of carRateLegislationMain rate poolNew and unused cars with CO2 emissions of 50g/km and below 18%CAA 2001, s 104AASecondhand cars with CO2

14 Jul 2020 11:08 | Produced by Tolley Read more

Autumn Budget 2024

UU��ֱ��