As reported in the last issue of In Trust, the Government is consulting on making the taxation of trusts fairer, simpler and more transparent. Wedlake Bell submitted a response to the consultation in February to represent the interests of our trust clients and this can be viewed on our website: http://wedlakebell.com/wedlake-bell-responds-to-governments-trusts-consultation/. It is not known when the Government will respond with its proposals for reform, and this is likely to be affected by the Brexit agenda, but this is another development that we are monitoring closely.
The Government has also recently issued a consultation on reforms to the central Trust Register which are likely to require a wider category of trusts to be registered. Again, Wedlake Bell is responding and we will report on any developments in the next issue.