Settlor – personal tax client of the firm
Beneficiary – personal tax client of the firm

The settlor received Inheritance Tax advice from the personal tax team and settled assets into a discretionary trust.

BHP were involved in the notification of the trust to HM Revenue & customs, preparation of annual trust accounts, dealing with tax affairs of the trust, calculating distributions that could be made without incurring additional tax charges and providing income details to beneficiaries who had received distributions.

Recently, half of the trust fund has been distributed to some of the beneficiaries. BHP assisted by preparing accounts up to the date of distribution, calculating the amounts to be received by the beneficiaries, reviewing the capital gains tax position of the trust, preparing calculations to identify the capital gains to be held-over, preparing hold-over claim forms and liaising with the investment managers regarding the transfer of investments to the beneficiaries.