Setting Up a Trust

UK tax implications​. If you are internationally mobile, non-UK resident or have assets in the UK and abroad, setting up a trust may form part of your estate-planning, wealth-holding or tax-efficient ownership strategy. At Money Tax Smart I provide trust-structure advice for international clients, bridging UK tax, UK residence rules and the AAT Level 4 service scope.

What is a trust? A trust is a legal arrangement where one or more trustees hold assets for beneficiaries according to trust terms. You could set it up now (lifetime) or via your will.

Why international clients need to be careful: The UK has specific rules for trusts, especially when you are resident abroad or non-domiciled. Whether the trust is UK resident for UK tax (income tax & capital gains tax) depends on who the trustees are, their residence, and when the trust was settled.

Registration and compliance: Most UK trusts must be registered with the UK Trust Registration Service (TRS). As a trustee you need a separate Government Gateway organisation account.

How I Money Tax Smart can help:

• We can guide you through the registration process with the TRS and assure you of your reporting obligations.

• We can advise on ongoing tax planning for the trust: when to make distributions, how UK tax and foreign tax interplay, how to treat UK property within the trust if you’re non-resident. Contact us.