Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Trust tax reform

12 January 2021 / Judith Millar
Issue: 4775 / Categories: Comment & Analysis
Trusts: what next?

Key points

  • HMRC has yet to respond to comments on its 2018 trust tax consultation.
  • Two reports from the Office of Tax Simplification but few conclusions on trusts.
  • All-party parliamentary group report recommended replacing inheritance tax with a gift transfer tax.
  • How a proposed one-off wealth tax would affect trusts.
  • The government should recognise the importance of trusts in the legal system.

In the autumn Budget in November 2017 the chancellor of the exchequer Philip Hammond announced the government’s commitment to consult on ‘how to make the taxation of trusts simpler fairer and more transparent’. A couple of months later in January 2018 he asked the Office of Tax Simplification (OTS) to carry out a review of the administrative and broader technical aspects of inheritance tax.

In response in November 2018 HMRC launched a consultation The taxation of trusts: a review (see The OTS followed ...

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

Download the exclusive Xero
free report here.

New queries
Please email any questions you might have

back to top icon