Trusts

Below is part of the index from Her Majesty's Revenue and Customs web site. We are using this to demonstate that this is an extremely complex area of law. Trusts can however very often be extremely effective devices to deal with  family situations that can, sometimes also be complex, and to protect assets and income.

"Family trusts" are being used successfully as a means of protecting family homes without the possible risks of outright gifts such as

• divorce or bankruptcy of the recipient  
• capital gains tax liability should there be a significant increase in the value of the property at the time of disposal.

Existing Trusts It is possible that you are involved in an existing trust and need advice and assistance to deal with the trust or advice in your capacity as trustee.

Index from HMRC web site - to find out more hit the links

Trusts. What they are and how they are created

• What is a 'trust'?
• How is a trust created?
• What do I have to do when a trust ceases to exist?

• The different sorts of trusts
  • Bare trusts
  • Interest in possession trusts
  • Discretionary trusts
  • Accumulation and maintenance trusts
  • Mixed trusts
  • Settlor interested trusts
  • Non-resident and special trusts

• How trusts are taxed
  • What is a 'tax pool'?
  • Trusts and capital gains

• Self Assessment
  • When do I have to pay any tax due?

We have the expertise and experience to advise in this area of law. If you require our assistance contact either Clair Dunkerley on 01429 235616 cdunkerley@tmjlegal.co.uk or Catherine Turner on 0191 383 0111 cjat@tmjlegal.co.uk