PARLIAMENTARY WRITTEN QUESTION
Trusts: Taxation (8 November 2022)

To ask the Chancellor of the Exchequer, with reference to the HMRC report entitled The taxation of trusts: a review: summary of responses, published in March 2021, whether he is taking steps to make the taxation of trusts simpler, fairer and more transparent.

Asked by:
James Murray (Labour)

The summary of responses published in 2021 set out that the Government will keep the issues raised under review, considering specific areas of trust taxation on a case-by-case basis.

Between 25 April 2022 and 18 July 2022, HMRC consulted on simplification proposals to remove low-income trusts and estates from Income Tax. A copy of the consultation document can be found at:

www.gov.uk/government/consultations/income-tax-low-income-trusts-and-estates

The Government is currently considering the responses to this consultation.

Since 1 September 2022, most express trusts must now provide beneficial ownership information to HMRC increasing their transparency to both HMRC and, on request, law enforcement and other relevant parties investigating money laundering or terrorist financing.

Answered by:
Victoria Atkins (Conservative)
14 November 2022