A fiduciary holds a position of trust and must perform to the highest ethical standards with clients having faith in the integrity and abilities of their chosen trust services provider.
The independence of a service provider is an important factor which allows flexibility, quick decision making and an unconstrained ability to choose from a network of professionals to ensure a bespoke and transparent service.
Our highly qualified and experienced fiduciary teams create solutions and provide administration services to families which enable them to manage multiple and complex cross-border assets, to navigate tax and regulatory issues and to plan for both their wealth and their businesses. Before doing so we ensure that they give thought to the following key considerations:
Are you familiar with the concepts of residence and domicile and how they might impact upon your personal tax position?
- Are there any special tax regimes in your home jurisdiction that might apply to you?
- Are you considering a move to another jurisdiction?
- Are you currently using any form of structuring for the management of family wealth?
- Is there a need for structuring to manage your wealth and protect assets for future generations?
As an independent trust service provider with over 40 years of extensive offshore experience, Abacus has developed a reputation for offering market leading specialist fiduciary services.
We pride ourselves on our stable history and our commitment to delivering value combined with top quality in bespoke solutions that are tailored to meet the needs of each and every client.
Our services include:
- Trust establishment
- Trusteeship and administration
- Setting up foundations
- Employee benefit trusts
- Statutory and administration services
- Provision of officers
- Corporate services
- VAT registration and administration
- Bookkeeping and accounting services
- Cash management facilities
Employee Benefit Trusts
Employee Benefit Trusts (‘EBT’) are trust arrangements set up by companies for the purpose of providing a range of benefits to their employees and directors.
With recent changes to UK tax legislation impacting these types of arrangement – the disguised remuneration rules – greater care needs to be taken to avoid inadvertent tax charges; however there is still scope for planning with EBTs, particularly in relation to share arrangements.
From a UK tax perspective, offshore EBTs compare favourably to their onshore counterparts. An offshore EBT allows for deferral of UK tax liabilities whilst income and capital gains accumulate, whereas EBTs with UK resident trustees are fully within the charge to UK tax on income and gains as they arise.
Foundations serve a similar role to private and charitable trusts and have much in common with limited companies and trusts.
As the legal systems of civil law countries do not generally recognise the concept of a trust, foundations will interest private clients from those jurisdictions.
They can be used for succession planning or wealth management, holding private trust companies, for charitable purposes and possibly for commercial purposes. Foundations will suit those families who are uncomfortable with common law trusts.
Whether the aim is to ensure that your assets are sufficiently protected to provide for your family in the future or, conversely, you wish to prevent some of your family members receiving substantial wealth outright, a trust structure provides an excellent means to ensure that assets are retained in a manner which gives you comfort.