Government Responds to Consultation on the Taxation of Trusts
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Following the consultation “The Taxation of Trusts: A Review”, which concluded on 28 February 2019 and to which TACT submitted a response, the government have now published the summary of the responses (The full document can be seen here).
After consideration of the responses, the government have concluded that there is no desire for a comprehensive reform of trusts. The government will, however, keep the position under review to ensure its long-term approach to the taxation of trusts meets its objectives and, in the shorter term, review specific areas on a case by case basis.
TACT will continue to consult with HM Treasury and HM Revenue & Customs on this subject.