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Winding up a trust ― legal, administrative and compliance issues


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
tag-icon Autumn Budget 2024

Winding up a trust ― legal, administrative and compliance issues


Produced by a Tolley Trusts and Inheritance Tax expert
Trusts and Inheritance Tax
Guidance
tag-icon Autumn Budget 2024
imgtext

Overview

When winding up a trust, there are legal formalities and compliance issues that need to be dealt with, as well as IHT and CGT consequences that flow from the termination. This guidance note considers when and how a trust comes to an end and the formalities that need to be undertaken to conclude the trust’s affairs and terminate the trust. It also covers an outline of the tax issues and signposts to further detailed content on these. See the Winding up a trust ― IHT and CGT consequences guidance note.

This guidance note deals with the position in England and Wales only. See Simon’s Taxes Division I5.8 for details of the provisions affecting Scotland and Northern Ireland.

When and how does a trust come to an end?

A trust may come to an end for many reasons. A fixed date may have been reached, its assets entirely disposed of or the life tenant may have died. The trust may have been terminated under the rule in

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  • 01 Nov 2024 07:11

Home/ Tolley Tax Guidance/ Trusts and Inheritance Tax / Creating and managing your client's trust

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