Domestic and foreign trusts

Trusts remain a legitimate and useful tool for a variety of purposes from asset protection to estate and tax planning.

However, both the UK and US systems have their own unique rules with respect to trusts, as well as more cumbersome tax and reporting rules for foreign trusts which have connections to either country.

We have over 30 years combined experience advising on situations involving foreign trusts. We can advise on all aspects of the relevant UK and US rules, for example:-

  • setting up new tax efficient structures for the benefit of UK or US family members;
  • reviewing existing structures and advise on the impact of changing legislation or changes in family
  • circumstances, as well as restructuring to take account of changing tax rules or circumstances;
  • reviewing how trust funds may be used in a tax efficient manner;
  • navigating the anti-avoidance legislation applicable to domestic and offshore structures;
  • the implications of trusts acquiring UK or US investments and how these should be structured.

Finally, we can also assist with ensuring the trustees, settlor and beneficiaries comply with all relevant UK and US reporting requirements.

The tax consequences can be particularly drastic when trust, settlor or beneficiaries are subject to both UK and US taxes. We have considerable experience in dealing with these issues and coming up with appropriate solutions.

We can also advise on issues arising in other jurisdictions, calling on the expertise of member firms in the Andersen Global association.