• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      Sustainable Investment Festival 2021

      The Sustainable Investment Festival will run online from 22-25 June and will include thought-provoking presentations from renowned keynote speakers, innovative breakout events and sessions specifically tailored to meet the information needs of fund selectors, financial advisers, pension consultants, trustees and scheme managers.

      • Date: 22 Jun 2021
      • Online, Online
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Trusts

Number of UK trust funds drops 6% to 149,000

Number of UK trust funds drops 6% to 149,000
  • Pedro Gonçalves
  • @PeterHSG
  • 30 September 2019
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The number of trust funds in the UK dropped 6% in 2017-18 from the previous year according to the latest statistics from HM Revenue & Customs. 

There were 149,000 trusts which submitted a tax return in 2017-18, down 6% from 159,000 in 2016-17 . The number has been in steady decline: there were 220,500 trusts and estates in the UK in 2005-06, in 2013-14, when there were 171,500.

Related articles

  • HMRC’s Trusts Registration Service: Up and running
  • UK unveils new anti-avoidance legislation targeting offshore trusts
  • The top 5 adviser IHT queries: Canada Life International
  • Budget: 'Paradise Papers' impact sees HMRC given more powers

Trusts have to register with HMRC if they pay or owe capital gains tax, income tax or inheritance tax.

Wealthy families often create trusts to minimise hassle and fees and also to pass on assets in a tax efficient way. But the introduction of an online register of trusts in 2017 has made some families more reluctant to use trusts due to concerns about privacy.

However, tax revenue from trusts and estates grew. Trusts' total declared income for the year rose 12% to £2.73bn year-on-year. Chargeable gains were unchanged at £3.23bn, although chargeable gains made by trusts paying tax at the special trust rates fell by 3% to £1.445bn. 

Only 3,000 trusts received more than £100,000 in income during the year, but those that did accounted for nearly 60% of the sector's total income.

From January 2020, it will be mandatory for all trusts to register with the HMRC, regardless of whether or not they have tax consequences.

 

Subscribe to International Investment's free, twice-daily, newsletter

 

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Trusts
  • UK
  • HM Revenue & Customs
  • HMRC

More on Trusts

Hipgnosis drops Guernsey home as it achieves investment trust status

  • Funds
  • 01 April 2021
Comment: Why Cayman is experiencing a surge in trust registrations

  • Comment
  • 10 February 2021
Jupiter UK Growth trust to be liquidated as deal struck with Brown Advisory

  • Trusts
  • 03 December 2020
Comment: The role of trusts and foundations in wealth planning

  • Comment
  • 30 November 2020
Italian Supreme Court confirms foreign trusts should receive tax treaty benefits

  • Trusts
  • 22 June 2020
Back to Top
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading