The TACS Partnership looks at the occasions of charge and reporting requirements when capital leaves a trust.
As a tax professional, unless you have the luxury of a designated trust team within your office, you will no doubt at some point in your career have taken ownership of a trust file that causes you concern over whether or not you should be doing something beyond simply preparing the annual tax return and providing the beneficiaries with forms R185 (i.e. the tax deduction certificate issued to beneficiaries of a trust).
In this article, we will be looking at the occasions of charge and reporting requirements when capital leaves a trust. We will not be discussing the ten-year anniversary charge for relevant property trusts as that is a periodic charge, but rather the charges that arise because of an event or action that has taken place within the trust.
Trustees should also be aware that
