While trusts are complex to set up, they can still be an effective way of sheltering assets, income and gains. However, the tax rules that apply, particularly to overseas trusts, are very complex and great care is required to ensure you do not fall foul of the many associated anti-avoidance tax provisions.
It is now also particularly important that trustees and beneficiaries maintain good records.
At MGI Midgley Snelling LLP, we have many years’ experience in establishing both onshore and offshore trusts, as well as ensuring that they are operated correctly and as tax-effectively as possible.
Calculating the tax liabilities for beneficiaries of offshore trusts can now be a complex exercise and MGI Midgley Snelling LLP can undertake these calculations on behalf of the trustees.
We can also analyse the likely tax implications of future distributions from trusts.
To find out more about onshore and offshore trusts, please contact us.