For a lifetime Trust, this includes establishing that a Trust is suitable in your circumstances, ensuring that you are aware of the tax consequences (inheritance, capital gains and income) drafting and arranging signature of the Trust Deed, drawing up the Inheritance Tax Return required in relation to the gift into the Trust, and preparing up to five capital gains tax hold over elections as required (an additional fee would be agreed in advance if there are more).
Please note that this £1000 fee does not include the following:
- the transfer of heritable property, i.e. houses and land, into the Trust
- any Deeds of Gift between spouses or other parties associated with the formation
Will Trusts involve the same work as above, except that the instrument establishing the Trust is likely to be a Deed of Variation to the deceased’s Will.