UK, Manx and international tax legislation for trustees, settlors and beneficiaries can be complex and is ever changing. In addition, settlors’ and beneficiaries’ circumstances can change, changing the tax obligations for both themselves and the trustees. We can advise on all aspects of tax matters associated with trusts, whether it is establishing a new trust for succession planning purposes or reviewing existing trust structures and advising on how to resolve any historic liabilities.
We can help you by advising on the benefits of using an offshore trust for family succession planning and wealth transfer as well as reviewing existing trust structures to ensure they remain suitable for your circumstances (in particular, ensuring there are no hidden or unexpected UK tax liabilities).
We are highly experienced in advising on how to deal with historic tax liabilities where trusts have been established that fall foul of the UK’s complex anti-avoidance rules, including making disclosures to HMRC or given we are based in the IOM, the IOM tax authorities.
We can also prepare relevant income and stockpiled gains computations on behalf of trustees.