Bare trust can exist without a trust deed, says UK tribunal A taxpayer can be regarded as holding money in a bare trust for a relative, even if no trust deed or other formal trust documentation can be produced, the First-tier Tax Tribunal has decided. The individual concerned was an NHS midwife called Lily Tang,...Read More

Supreme Court Hears Case on When States Can Tax Trust Beneficiaries   WASHINGTON—North Carolina’s solicitor general told the Supreme Court that his state is entitled to tax residents who are beneficiaries of trusts created outside the state, even if they haven’t received payments from the trust. How the Supreme Court rules in the case, known...Read More

The coming extension of the online UK Trust Registration Service (TRS) to cover express trusts without any tax consequences, under the EU Fifth Anti-Money Laundering Directive (5AMLD), is likely to extend the number of registrable trusts from around 200,000 to as many as two million, according to the Association of Taxation Technicians (ATT). The service...Read More

TRUSTS: New guidance on TRS published by HMRC HMRC has published further information and guidance on the Trust Registration Service (TRS) on the Gov.uk website today. HMRC has confirmed that it will be publishing additional guidance in stages over the summer period, some of which will include scenarios and situations where there is no trigger...Read More

Trusts (Amendment No. 7) (Jersey) Law 2018 A new definition of “Officer” This new definition will cover a myriad of positions as follows: A director, manager, secretary or other similar officers of a corporation; A foundation council member; A general partner or a limited partner participating in management of an incorporated or separate limited partnership;...Read More