Checklist for setting up a corporate trust

Setting up a Corporate Taxation Trust for a business entity requires clear structure and documentation. Below is a checklist to guide your organisation through the process.

1. Download the Corporate Taxation Trust  deed template for your jurisdiction (England & Wales or Scotland).
   
2. Pass a resolution authorising the creation of the Trust, naming the Settlor (the company), Trustees, and Primary and Secondary beneficiaries.
   
3. Print, sign and date the Trust deed and get it witnessed, ensuring all required parties (Settlor, Trustees, Beneficiaries) are properly documented and copies retained.
   
4. Establish a separate Trust account in the organisation’s name where the tax funds are ring-fenced and clearly labelled as held in trust, distinct from operating accounts.
   
5. Notify relevant tax authorities that the Trust has been set up. You can use the No Tax for War template as your guide. 
   
6. Keep detailed corporate records: Trustee minutes, accounting entries for the Trust account, audit trails, correspondence with authorities, signed documents, and proof of ring-fencing.
   
7. Review any operational assets or liabilities that may be affected by the Trust structure (e.g., payroll, dividends, corporate tax, VAT) and update contracts or agreements to reflect the Trust framework.
   
8. Annually review and reaffirm the trust, update board resolutions, Trustee appointments, and check for changes in legislation, corporate structure, or other developments  that might affect the trust’s validity.