Trust accounting and administration services
We can assist in the following ways in the maintenance of trust records, the preparation of trust accounts and tax returns and in trust administration.
Maintenance and regular updates of Permanent File
Details of the settlor, domicile, residence and ordinary residence status and deemed domiciled status for inheritance tax purposes.
- Monitoring the above status at the time the settlement was created, the time property was added and subsequent changes.
- Dates on which the settlement was created and on which property was added.
- The date of the settlor’s death.
- A summary of the capital distributions and appointments from the trust.
- Names and addresses of trustees and a brief summary of trustee changes.
- Names and addresses of present and future beneficiaries, dates of birth and marriage and relationship to the settlor.
- Dates on which the trust interest will vest in the future.
- Dates of changes of power of trustees.
- Matters of particular relevance to the tax status and contingent liabilities of the trust funds.
- Information relevant for capital gains tax purposes.
Preparation of the constituent figures comprising the trust accounts such as:
Balance sheet of the whole trust estate
- Various capital accounts
- Various income accounts
- Accumulation accounts where these are maintained separately from capital
- Schedules and subsidiary accounts, schedules of investments, detailing movements thereon and income derived therefrom
- Notes explaining movements in major items appearing in any of the above documents.
In relation to the Notes and Schedules to the accounts, maintaining records of:
Each investment, its nominal value and base cost.
- Details of any sales or purchases.
- Market value of investments.
- Interest and dividends received and any associated tax credits.
- Details of any foreign withholding tax.
- Expenses of collection.
- Providing monthly statements of NAVs etc.
Trust administration services
- Primary identification services
- Secondary identification services
- Reference verification
- Information handover on accepting a new assignment – copy of the trust deed and any deeds of amendment, copy of letter of wishes, copies of ancillary trust deeds, deeds of inclusion/exclusion, deeds of appointment and retirement of trustees, accounts since inception, list of current assets, information regarding any underlying companies.
- Registration of trust property in new trustees’ name.
- Check investments are authorised by the trust deed.
- Check property is fully insured.
Maintain records of the following:
- Ratification of trustees’ minutes
- Review of annual accounts
- Review of investment policy statement
- Review of investment managers’ performance
- Review of appropriateness of set benchmarks
- Review of changes in beneficiaries’ circumstances
- Consideration of trustees’ discretionary powers of payment of capital/income.
Enhancing relationship with beneficiaries
- Timely notification of investment changes
- Early provision of information or tax certificates to beneficiaries or their tax advisers
- Speedy response to beneficiaries’ requests and queries
Maintaining information on trusts
- Nature of trust: fixed interest, discretionary, A&M or other.
- Details of settlor: name, nationality, domicile/residence, age, marital status.
- Beneficiaries: name, age, relationship, nationality, residence/domicile.
- Trust distribution: during lifetime / following death of settlor as to income/capital.
- Description of trust assets: listed, non-listed equities, bonds, etc.
- Details of real estate held: type of property (residential/commercial), property address, details of letting / management agents, occupiers, etc.
- Details of underlying companies – name, place of incorporation, directors, place of residence.
- Management of assets: details of asset manager.
- Details of settlor’s investment objectives.
- Details of any lending, degree of control by settlor and country-specific considerations.
- Information regarding trust deeds.
- Verification of identity of settlor.
- Due diligence regarding purchase of trust property.
- Due diligence regarding sale of trust property
Trust tax management & compliance
- Preparation of trust and estate tax return.
- Preparation of supplementary pages e.g Trust and Estate Capital Gains pages.
- Calculation and payment of tax.
- Preparation of tax certificate for beneficiaries on payments of income to them.
- Preparation of tax Form on setting up the trust.
- Preparation of Form for accounting for chargeable event.
For further details and information regarding our Trust Administration & Accounting services please contact us.