What motivates individuals to set up trusts and do you understand how they work?
Ipsos MORI will undertake research on behalf of HMRC to identify what motivates individuals to set up trusts. Agents have already been randomly selected and invited to take part in this research. Settlors of trusts will also be invited to contribute. The research will take place throughout Autumn 2016 and is expected to give HMRC a greater understanding of the use of trusts.
The results of the research could also lead to possible policy changes in this area.
This announcement from HMRC is well timed, as the Tax Faculty will be hosting a webinar “an elementary guide to the taxation of UK trusts” on 10 November. This will be a practical webinar which explains the income tax, capital gains and inheritance implications of setting up and running a trust. We will also consider how the new personal savings allowance and dividend allowance operate in relation to trusts.
For more information about this webinar, and to book your place, please visit our website.