News: HMRC Reported a Decrease in the Number of Trusts

HMRC published a report on trusts that filed tax returns in the tax period 2017-2018. It is reported that the number of organizations of this type decreased by 6% compared with the reporting period 2016-2017. HMRC analysts see this trend, which has been observed for 4 consecutive years. The number of trusts is steadily falling.

The maximum number of organizations of this kind was observed in the tax period 2005-06. The HMRC received declarations from 220,500 trusts then, after which the decline began. The next jump in numbers occurred in the tax period 2013-14, after which the trend rushed down again. From the latest report, there are 149,000 trusts in the UK.

At the same time, tax revenues to the budget of the United Kingdom, despite a decrease in the number of organizations, increased by 12%. Companies paid 2.73 billion pounds in total. The tax liabilities of trusts also increased - up to 1.3 billion pounds, or 5% compared with the period of 2017-2018.

Law & Trust offers clients legal support for trusts in the UK. Our lawyers will help you register a trust, prepare all the necessary documents, pay taxes, etc.