Taxation


Trusts & Estates


Inheritance Tax


Following changes introduced in April 2006, the majority of trusts are now potentially subject to inheritance tax at the following times:


  • On setting up the trust
  • On capital distributions from the trust
  • At every tenth anniversary of its creation
Will and testament

At Sayers Butterworth LLP, we seek to work proactively with trustees in order to minimise the charge arising on each of the above occasions. This may include bringing forward distributions or structuring the trust’s investments in order to obtain inheritance tax relief. We will of course also prepare any tax forms that are required.


Offshore Trusts


Although successive governments have restricted the tax advantages of offshore trusts, they can still play a role in tax planning for a non-UK domiciled individual. At the same time, offshore trusts can play an important role in other jurisdictions, for example to avoid local forced-succession rules.


At Sayers Butterworth LLP, we have experience of setting up offshore trusts as well as liaising with the overseas’ trustees providing UK tax advice. This is often in association with other member firms of IEC in, for example, Jersey.


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In the News

Budget 2012

The Chancellor has confirmed that this year's Budget statement will be made on Wednesday 21 March.

VAT Online Filing

This becomes compulsory from 1 April 2012 and payment of VAT must be made by electronic means. Cheques will no longer be accepted.

Compulsory Pensions

In 2012 automatic enrolment into a pension scheme is due to come into force. On average, it will cost small businesses an extra £2,550 per year.

Budget 2011

You can still access our in-house 2011 Budget guide and commentary by clicking the link here. We welcome any feedback or questions you may have to enable us to improve our services.

Features

Deadline Diary

The next important diary date is 31 January when 2011 Tax Returns have to be submitted to HMRC to avoid an automatic £100 late filing penalty. Payments of tax are also required by this date. Do get in touch if you need any help.

Rates & Allowances

Click here to download a PDF file with the latest figures.