New figures from HMRC show a decline in the number of trusts making Self Assessment returns but an increase in the total tax paid by these trusts and total income by type of trust.
According to HMRC’s data, in 2018 to 2019, trust and estates had a total income of £2.95 billion, an increase of six percent on the previous year. The total amount of chargeable gains was £3.49 billion, a yearly increase of seven percent.
The total tax bill in 2018 to 2019 for trusts and estates was £1.43 billion, with both Income Tax and Capital Gains Tax each contributing around 50 percent of the total – an increase of seven percent on 2017 to 2018.
Despite these rises, the number of trusts and estates completing Self Assessment forms has continued to fall for the fifth year. In 2018 to 2019, there w...