Guidance from ICAEW, STEP, and the CIOT to highlight a key issue with respect to the trust protections as introduced by Finance (No 2) Act 2017. This guide focuses on the situation where the settlor is deemed UK domiciled only under the 15-year rule and offshore income gains arise directly to the non-UK resident trust.

Guidance on registering trusts on the Trust Registration Service and updating that information.

This TAXguide has been prepared by committee members of STEP, ICAEW, the CIOT and the Law Society to highlight practical issues and uncertainties raised by Finance Act 2018 Schedule 10 (Settlements: Anti-avoidance, etc.).

Finance (No 2) Act 2017 introduced significant changes to the taxation of foreign domiciliaries.

In TAXguide 04/18 Lisa Spearman provides an introduction to the taxation issues which may be in point when considering the non UK aspects of a client’s affairs. Read a summary here, Tax Faculty members can download the full guide.

In TAXguide 04/17 - Offshore trust changes, Sue Moore, technical lead for private client tax matters in the Tax Faculty, provides information on the implications of changes to income tax legislation published on 26 January 2017. In particular the guide offers more details on transfer of assets and settlements legislation and has been created with input from HMRC.

Reforms to the Taxation of Non Domiciles - Meeting notes

Inheritance Tax and Trusts: Trust variations and settlements

A revised SIP 3.3 relating to trust deeds has been issued. It was approved by the Joint Insolvency Committee and each of the recognised professional bodies following consultation with the profession and wider sector stakeholders. The main changes in the revised SIP 3.3 relate to the principles, key compliance standards and standards of specific applications being, as far as practicable, aligned with the recently revised SIP 3.1 relating to individual voluntary arrangements taking account of Scots law, trust deed procedures, appropriate terminology, etc.

Highlights from the broader tax news for the week ending 19 April 2023, including: closure of online VAT return; PAYE direct debits; TRS reporting requirements; interest rate increase for discounted gift trusts; NMW campaign; Finance Bill amendment for R&D; closure of the DAC6 reporting service; and Tax Administration and Maintenance Day.

HMRC has updated its Trust Registration Service (TRS) guidance to set out more information on how and when to register an excluded express trust, also known as a Schedule 3A trust.

In advance of the 1 September 2022 deadline for registering trusts online, HMRC shares guides on registering a trust and how to claim a trust and authorise an agent.

The April 2022 edition of HMRC’s trusts and estates newsletter highlights the 1 September 2022 deadline for registering non-taxpaying trusts and includes other useful updates on capital taxes.

HMRC has opened the Trust Registration Service to all non-taxable trusts. The deadline for registering these trusts has been extended to 1 September 2022. ICAEW’s Tax Faculty can confirm that trusts relating to healthcare policies and children’s bank accounts will not be required to register.

HMRC has confirmed that a planned change to simplify the authorisation of agents by trustees has not gone ahead due to security concerns. HMRC has told ICAEW that the Trust Registration Service process will remain unchanged.

New rules require all UK express trusts and some non-UK trusts to register with HMRC. This includes non-taxable trusts unless the trust is specifically excluded.

A representation dated 27 September 2023 to a consultation published by HMRC on 18 July 2023.

A response dated 21 February 2020 to a consultation published by HMRC on 24 January 2020

A response dated 28 February 2019 to a consultation published by HMRC on 7 November 2018.

Trust registration service penalties

Information, guidance and forms relating to various aspects of the Self Assessment system.

Newsletters published by HMRC, usually biannually, giving updates and guidance on trusts taxation and inheritance tax issues.

Guide explaining the basic rules for trustees, settlors and beneficiaries of non-resident trusts, and providing guidance on non-resident trust tax rules.

An overview giving information and guidance on types of trusts, how trusts are treated for income tax, CGT and inheritance tax purposes, tax for trust beneficiaries, and the tax reponsibilities of trustees.

HMRC internal manual providing guidance on trust tax and gains, and how different types of trusts and estates are treated for tax purposes.

HMRC guidance on the direct tax obligations of charities, VAT and reliefs or exemptions available. Sections cover Gift Aid, Payroll Giving, donating land, buildings, shares or securities, claims, and audits.

A non-profit membership organisation previously known as the Charities' Tax Reform Group, which makes representations to government on issues relating to the taxation of charities. The site includes updates and commentary on a wide range of tax issues relevant to charities.

Guidance for lay users on the tax aspects of the main areas of trading activity that charities get involved in. Sections cover fundraising, basic tax exemptions, business sponsorship, trading companies, shops and cafes, merchandising, events, providing services, cost allocation, transfer pricing, loss making trades, and social enterprise.