HMRC has updated its guidance on both the tax-free allowance for trusts, and about the way in which any capital gains tax incurred on a trust is reported.
The updates affect trusts set up after 7th June 1978, or after 9th March 1981 in cases where the beneficiary is disabled.
Trusts can be subject to a lot of activity, some of which can lift them beyond their tax-free allowance threshold and render them susceptible to capital gains tax, so it is important to know your tax position.
The good news is trusts are one of the many areas in which M&S Accountancy and Taxation Ltd specialises. We help our clients by advising them on any capital gains tax implications there might be from - moving assets in and out of trusts, or from trustees moving their residence outside of the UK. And we fully explore any other potential tax responsibilities there may be from having a trust, while advising on how to plan soundly for the future.
If you have a trust (or trusts), or are planning on setting something up, then give us a call, or send a message via this website.
Read more on the HMRC updates here https://www.gov.uk/guidance/trusts-and-capital-gains-tax