HMRC has updated its trust registration service (TRS) manual to state that unauthorised unit trusts will need to consider whether they are required to register trust details on the TRS.
Previous guidance stated that unit trusts both authorised and unauthorised are not required to register.
It is understood that the reason for this change is that, previously, HMRC had considered unit trusts not to be “express trusts”.
If trustees have no UK tax liability, th...
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