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Trust in trusts
Key points
- Up to March 2023 there were 462 000 trusts and estates registered with the trust registration service (TRS); this includes many non-taxpaying trusts which have been required to register.
- In 2021-22 the number of taxpaying trusts reduced by 3% year-on-year and is down 12% since 2016-17.
- Most of the tax being paid in 2022 was by a small number of large trusts (7% of interest in possession trusts had 71% of the income and 4% of trusts paying tax at the special trust rate had 67% of the income).
- The information from the TRS can be used by HMRC’s Connect system and triangulated with other sources of data to help the tax authority risk assess and target compliance resources better.
- There are legitimate reasons to set up and manage trusts for both non-tax and tax reasons. However alternatives such as family investment...
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