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RSM has become aware of a number of incidences in which HMRC’s gateway system shows a tax return has been issued to a trust, even if no corresponding notice to complete a tax return has been issued to trustees. Trustees shouldn’t however assume that a tax return issued through the gateway is an error as failure to complete a return could incur a penalty. You have been warned!
On 29 July 2016, the States of Guernsey Income Tax ("ITO") published their latest bulletin on guidance in relation to the implementation of the Common Reporting Standard ("CRS") in Guernsey. Bulletin 2016/6 repeats the text of the definition of Investment Entity, as set out in Section VIII A(6) of the CRS and affirms the Supplementary Guidance Notes published in draft on 24 December 2015 in relation to the CRS.
Elspeth Talbot-Rice QC of XXIV Old Buildings and Bruce Zagaris, Partner at Berliner Corcoran & Rowe discuss international taxation regulations and enforcement in relation to the trust industry.
While various government initiatives are focused on making tax compliance easier, life is becoming much more complicated for trustees. While professional trustees should be well placed to keep up-to-date with legislative changes, lay trustees could be at a real disadvantage.