Lodders hires tax expert to head Trusts & Tax team

Lodders has appointed Elaine Morgan as legal director and the head of its new Trusts & Tax team.

Part of the firm’s award-winning and top-ranking Private Client practice – that is headed by Louise Igoe (pictured right) – the Trusts & Tax team provides advice on the most tax efficient strategies for preserving wealth to high net worth individuals, including family and private business owners.

Elaine brings 20 years’ trusts and tax experience from senior roles in legal and accountancy firms that has given her blended and extensive specialist knowledge in Trust management and advice.

Throughout her career, Elaine has consistently worked with high net worth clients, particularly administering the trusts set up from landed estates and family trusts, undertaking pre-death and administration tax on estates matters, and advising on capital gains and IHT implications and associated tax liabilities.

She joins Lodders after six years with HCR Hewitsons, Northampton, where she was Senior Tax & Trust Manager. Previously, Elaine has worked in Trust management and advisory roles at PKF Accountants, and law firm Harvey Ingram (now Shakespeare Martineau).

Trust Registration Service

The new Trusts & Tax team launches at a key time for compliance for trustees; HMRC introduced changes to the Trust Register following the introduction of the Fifth Anti-Money Laundering Directive (5MLD), which resulted in the expansion of the Trust Registration Service (TRS). Significantly, the changes require that almost all UK non-taxable express trusts must be registered with HMRC’s online TRS by 1 September 2022, regardless of any tax liabilities There are financial penalties for late registration.

Elaine explains: “This year is a key time for tax and trusts advisers and professionals and their high net worth clients, following the introduction on 6 October 2020 of the requirement for non-taxable trusts to be registered on the TRS by 1 September 2022. I am looking forward to supporting colleagues and clients to navigate the rules, to ensure compliance and tax efficiency.”

Of the new role and team at Lodders, she adds: “Lodders’ Trust and Tax team will deliver exceptional, timely advice, consistently delivered with accuracy and superior client service, so that clients fully benefit from the team’s knowledge of trust administration, tax and estate taxation and accounts.

“Lodders is an excellent firm with a reputation for legal talent and agility, and exceptional client service, and together with its culture and ambition, are what have attracted me to the firm. I am excited to join and have the opportunity to fully utilise my unique skills, and knowledge.”

Lodders’ managing partner Paul Mourton comments: “We are delighted to welcome Elaine as the new head of our Trusts & Tax team, that forms part of our larger award-winning Private Client group. Elaine has an excellent pedigree in this work, and we hope will be the driving force behind the future success of the team.

“Elaine’s arrival adds to our existing expertise in acting for high net worth individuals and private family businesses and aligned with our growing Corporate team will be able to advise clients on the most tax efficient strategies for preserving their wealth.”

Find out more about the Trust Registration Service requirements here.

Update, Tuesday 2 August 22: due to extremely high levels of demand, please note that we are no longer able to accept new enquiries for trust registrations after Friday 5 August. If you have already instructed Lodders on your trust registration matter, please be assured that it is in hand.