This will mean tax returns filed by trustees will need to be accompanied by additional information on the income and financial position of the trusts, as well as on distributions from, and settlements made on, those trusts. All of these will take effect from the 2021-2022 tax years.
TGT Legal have put together a video explaining the information that trusts are required to provide with their annual returns, together with the practical issues that arise from the new regime. Trustees and their advisers should be considering these issues well in advance of filing their next tax return.
Click here for a link to the video.