Where would you Invest £550,000 inheritance for at least 6 years until entitlement

poseidon1

I have gone through all earlier threads  over the years, and I can see absolutely no mention at all of trust taxation or HMRC  reporting on the annual income and gains generated over the years ( forgive me if this is buried somewhere I have overlooked)

Therefore , has the trust been registered with HMRC and annual income tax returns submitted and relevant taxes paid?

Since as trustee you are evidently accumulating the trust income until age 25, is this being taxed at the relevant 45% tax rate and a diligent record maintained of this taxed income pool when distributions are eventually made?

Are annual trust accounts being prepared by an accountant, in preparation for the 1st distribution of assets and income  when the oldest child comes of age? 

Invest987

poseidon1 said:

I have gone through all earlier threads  over the years, and I can see absolutely no mention at all of trust taxation or HMRC  reporting on the annual income and gains generated over the years ( forgive me if this is buried somewhere I have overlooked)

Therefore , has the trust been registered with HMRC and annual income tax returns submitted and relevant taxes paid?

Since as trustee you are evidently accumulating the trust income until age 25, is this being taxed at the relevant 45% tax rate and a diligent record maintained of this taxed income pool when distributions are eventually made?

Are annual trust accounts being prepared by an accountant, in preparation for the 1st distribution of assets and income  when the oldest child comes of age? 

I really appreciate that advice and yes thats all been done. It wouldn't have been something I fully understood at the beginning but definitely made sure I got the right advice and its great to see i ticked the boxes you mentioned. Thank you. 

poseidon1

Invest987 said:

poseidon1 said:

I have gone through all earlier threads  over the years, and I can see absolutely no mention at all of trust taxation or HMRC  reporting on the annual income and gains generated over the years ( forgive me if this is buried somewhere I have overlooked)

Therefore , has the trust been registered with HMRC and annual income tax returns submitted and relevant taxes paid?

Since as trustee you are evidently accumulating the trust income until age 25, is this being taxed at the relevant 45% tax rate and a diligent record maintained of this taxed income pool when distributions are eventually made?

Are annual trust accounts being prepared by an accountant, in preparation for the 1st distribution of assets and income  when the oldest child comes of age? 

I really appreciate that advice and yes thats all been done. It wouldn't have been something I fully understood at the beginning but definitely made sure I got the right advice and its great to see i ticked the boxes you mentioned. Thank you. 

Excellent news.

So often on this forum  OPs are entirely unaware of the  complex tax compliance and accounting necessary  for accumulation trusts, and  from whom to obtain the relevant advice and assistance. 

Invest987

poseidon1 said:

Invest987 said:

poseidon1 said:

I have gone through all earlier threads  over the years, and I can see absolutely no mention at all of trust taxation or HMRC  reporting on the annual income and gains generated over the years ( forgive me if this is buried somewhere I have overlooked)

Therefore , has the trust been registered with HMRC and annual income tax returns submitted and relevant taxes paid?

Since as trustee you are evidently accumulating the trust income until age 25, is this being taxed at the relevant 45% tax rate and a diligent record maintained of this taxed income pool when distributions are eventually made?

Are annual trust accounts being prepared by an accountant, in preparation for the 1st distribution of assets and income  when the oldest child comes of age? 

I really appreciate that advice and yes thats all been done. It wouldn't have been something I fully understood at the beginning but definitely made sure I got the right advice and its great to see i ticked the boxes you mentioned. Thank you. 

Excellent news.

So often on this forum  OPs are entirely unaware of the  complex tax compliance and accounting necessary  for accumulation trusts, and  from whom to obtain the relevant advice and assistance. 

poseidon1 said:

Invest987 said:

poseidon1 said:

I have gone through all earlier threads  over the years, and I can see absolutely no mention at all of trust taxation or HMRC  reporting on the annual income and gains generated over the years ( forgive me if this is buried somewhere I have overlooked)

Therefore , has the trust been registered with HMRC and annual income tax returns submitted and relevant taxes paid?

Since as trustee you are evidently accumulating the trust income until age 25, is this being taxed at the relevant 45% tax rate and a diligent record maintained of this taxed income pool when distributions are eventually made?

Are annual trust accounts being prepared by an accountant, in preparation for the 1st distribution of assets and income  when the oldest child comes of age? 

I really appreciate that advice and yes thats all been done. It wouldn't have been something I fully understood at the beginning but definitely made sure I got the right advice and its great to see i ticked the boxes you mentioned. Thank you. 

Excellent news.

So often on this forum  OPs are entirely unaware of the  complex tax compliance and accounting necessary  for accumulation trusts, and  from whom to obtain the relevant advice and assistance. 

I have to protect it properly and the children well adults now respect it. Its the life's work of two very hard working people. I had the accountant in on the first meeting to make a plan and he is well respected and willing to mentor them if you like through the takeover and beyond. Huge responsibility to keep thier life long efforts protected. Thank you. Much appreciated. 

poseidon1

Invest987 said:

poseidon1 said:

Invest987 said:

poseidon1 said:

I have gone through all earlier threads  over the years, and I can see absolutely no mention at all of trust taxation or HMRC  reporting on the annual income and gains generated over the years ( forgive me if this is buried somewhere I have overlooked)

Therefore , has the trust been registered with HMRC and annual income tax returns submitted and relevant taxes paid?

Since as trustee you are evidently accumulating the trust income until age 25, is this being taxed at the relevant 45% tax rate and a diligent record maintained of this taxed income pool when distributions are eventually made?

Are annual trust accounts being prepared by an accountant, in preparation for the 1st distribution of assets and income  when the oldest child comes of age? 

I really appreciate that advice and yes thats all been done. It wouldn't have been something I fully understood at the beginning but definitely made sure I got the right advice and its great to see i ticked the boxes you mentioned. Thank you. 

Excellent news.

So often on this forum  OPs are entirely unaware of the  complex tax compliance and accounting necessary  for accumulation trusts, and  from whom to obtain the relevant advice and assistance. 

poseidon1 said:

Invest987 said:

poseidon1 said:

I have gone through all earlier threads  over the years, and I can see absolutely no mention at all of trust taxation or HMRC  reporting on the annual income and gains generated over the years ( forgive me if this is buried somewhere I have overlooked)

Therefore , has the trust been registered with HMRC and annual income tax returns submitted and relevant taxes paid?

Since as trustee you are evidently accumulating the trust income until age 25, is this being taxed at the relevant 45% tax rate and a diligent record maintained of this taxed income pool when distributions are eventually made?

Are annual trust accounts being prepared by an accountant, in preparation for the 1st distribution of assets and income  when the oldest child comes of age? 

I really appreciate that advice and yes thats all been done. It wouldn't have been something I fully understood at the beginning but definitely made sure I got the right advice and its great to see i ticked the boxes you mentioned. Thank you. 

Excellent news.

So often on this forum  OPs are entirely unaware of the  complex tax compliance and accounting necessary  for accumulation trusts, and  from whom to obtain the relevant advice and assistance. 

I have to protect it properly and the children well adults now respect it. Its the life's work of two very hard working people. I had the accountant in on the first meeting to make a plan and he is well respected and willing to mentor them if you like through the takeover and beyond. Huge responsibility to keep thier life long efforts protected. Thank you. Much appreciated. 

A good proactive and knowledgeable accountant can be a very real asset (throughout life) in advising how best to conserve wealth and navigate the 'shark infested' waters of the UK tax system.  A service wealthier middle-class families have benefited from for many decades.