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.).

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

Inheritance Tax and Trusts: Update on Finance Act 2006 - Agreed correspondence with HMRC (replaces TAXGUIDE 01/07)

Non-domiciliary announcements made at summer budget 2015

HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates.

ICAEW urges the government to rethink its approach on improving transparency for land-holding trusts.

An explanation of the role of trusts in personal financial planning.

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.

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.