I’m a Trustee and wish to start paying out Legacies. Solicitor of Trust says I must have the Tax Clearance Cert first. Another Solicitor says not necessary - Which is correct ?
Obtaining formal clearance will protect you against the possibility of an unexpected tax bill, provided that you have given full disclosure to HMRC.
As the trust solicitor is being paid to advise, why ignore their advice and follow that of a stranger to the trust (even if they are a solicitor)?
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals
Tax Clearance certificate is necessary
Julian Cohen
Simons Rodkin