Our team can assist any individual, local or foreign, who wishes to open a trust in the UK. A trust allows the founders to choose the way in which their assets will be managed. Oftentimes, the assets are money, but they can also include land or buildings. Moreover, depending on their purposes, those who set up an asset protection trust in the UK can establish personalized ways in which their assets are protected against risks and liabilities.
The numerous types of trusts in the UK allow founders to pick the proper one that suits their needs. The bare trust in the UK or the UK family trust are just two examples, about which you can read more below.
Our lawyer in England can answer detailed questions about trusts, including those referring to the cost of setting up a trust in the UK. Please read below to find out more about the trusts in the UK and reach out when you require assistance for their setup.
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The presence of the following parties is mandatory to open a trust in the UK:
The main types of trusts in the UK are the following:
Each type of UK trust has certain characteristics and can be subject to different requirements, most notably related to taxation (see below for more details). Our lawyer in London can assist settlors who wish to know more about the setup. Upon request, we also offer details on how to terminate trusts, for example, on dissolving a discretionary trust in the UK.
Trusts are registered with the HM Revenue and Customs when the said trust is liable for taxation or according to its type.
Trusts that are not liable to taxation are still registered when they have the following form:
Given the different situations for registration, we recommend getting in touch with our local team of specialists, especially when setting up a living trust, charitable or a revocable trust in the UK.
Trusts are mostly exempt from income tax up to a certain amount. At the same time, trustees do not enjoy the dividend allowance. The trustee is also the one to fill in the trust and estate tax return. The beneficiary may, in come cases, claim back part of the income tax.
Our lawyer in England lists some of the taxes that apply to a trust in the UK:
Our team can give you more details about trust taxation in the UK upon request.
In addition to our services related to the creation of trusts in the United Kingdom, we can also help investors who want to set up a company in the UK.
Contact our lawyer in the UK if you are interested in setting up a trust in the UK.