Released 25 March 2021
The Chartered Institute of Taxation (CIOT) is calling for specific reforms to the taxation of trusts despite the Government pulling back from a wholesale review of this area.
The Institute is recommending two areas that the Government should address in the short term. First, the complex regime for disabled trust beneficiaries and families. Secondly, the disincentives for administering trusts set up by foreigners in the UK – if they are brought into a UK trust management structure, this could be a bigger source of business to the UK – where it would likely also be better regulated and more transparently run.
Further information on the CIOT recommendations can be found at https://www.tax.org.uk/media-centre/press-releases/scope-specific-reforms-taxation-trusts-says-ciot.