After our recent meeting I had made an appointment to visit the solicitor who helped us set up the Trust in the first place - Stephen Parr of Woodcocks, Haslingden. We like his clear and straightforward manner.
The tax position needed clarifying for us. When the Trust was first established there was such a lot of information to take in that, although Stephen outlined the tax situation to us, it seemed a very distant concern at that time. Now, after the Dave Pearson Trust has been selling his work for 18 months, it needed to be looked at in detail and we had to make certain that we were operating correctly.
Stephen outlined the need to register with the Inland Revenue and the situation with regard to Inheritance Tax, VAT, Income and Capital Gains Taxes. Margaret and I came out of the meeting pleased that we hadn't left it any later to consult him. We're now waiting for the notes of the meeting to be sent to us by Woodcocks, and then to decide how we'll deal with things as they stand. Fortunately, the situation is easily manageable and the solicitor will be able to deal with any declarations on our behalf.
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