News & Analysis as of

Trusts HMRC

Cadwalader, Wickersham & Taft LLP

A Toothless Tax Avoidance Scheme: M Northwood v HMRC

The UK’s First-tier Tribunal (“FTT”) has denied a taxpayer a deduction for contributions to a remuneration trust on the basis that such payments did not give rise to an expense under generally accepted accounting principles...more

Hogan Lovells

How the UK Trust Registration Service applies to trusts of real estate and changes for unit trusts

Hogan Lovells on

Trustees which are UK resident, have UK assets or income which trigger a UK tax liability or directly acquire UK land on or after 6 October 2020 will generally have to register the trust with HMRC's Trust Registration Service...more

BCLP

JPUTs may now need to be registered under the trust registration service

BCLP on

Some of the most commonly used trust structures in UK real estate ownership are Jersey Property Unit Trusts (JPUTs). It has become clear recently, following confirmation from HMRC, and HMRC now changing its published...more

McDermott Will & Emery

An Update on the UK Trust Registration Service

McDermott Will & Emery on

On 6 October 2020, the Fifth Money Laundering Directive ((EU) 2018/843) (MDL5)) was implemented to reinforce the United Kingdom’s money laundering regime. This had the effect of tremendously broadening the scope of the types...more

Cadwalader, Wickersham & Taft LLP

Haworth: Residency Tie-Breaker Tests in a ‘Round the World’ Tax Scheme

The UK’s First-tier Tribunal recently considered the application of the “place of effective management” residency tie-breaker test found in double tax treaties in the recent case of Haworth and others v HMRC [2022] UKFTT 34...more

McDermott Will & Emery

Trust Registration Service: Who Is Affected?

The Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) was implemented in the United Kingdom as a result of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulation 2017 (SI...more

BCLP

Private Wealth - Horizon Scanning 2020

BCLP on

With a number of changes affecting the private wealth world to come over the next 12 months, our private client team take a look at some of the key UK legal developments for 2020, including the extension of the UK trust...more

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