Paragraph 20 Trust reporting requirements

United Kingdom

(1)

Schedule 5A to TCGA 1992 (settlements with foreign element: information) is amended in accordance with sub-paragraphs (2) and (3).

(2)

In paragraph 3—

(a)

in sub-paragraph (3) omit “is domiciled in the United Kingdom and”;

(b)

at the end of sub-paragraph (3) insert “and is not a qualifying new resident within the meaning of Schedule D1”;

(c)

omit sub-paragraph (3A).

(3)

In paragraph 4—

(a)

for sub-paragraph (2)(b) substitute—

“(b)

where that time was before 6 April 2025, did not fulfil the condition mentioned in sub-paragraph (3) below at that time or at any time before 6 April 2025,

(ba)

where that time was on or after 6 April 2025, does not fulfil the condition mentioned in sub-paragraph (3A) below at that time,”;

(b)

in sub-paragraph (2)(c)—

(i)

for “that condition” substitute “the condition mentioned in sub-paragraph (3A) below”;

(ii)

for “the commencement day” substitute “6 April 2025”;

(c)

in the closing words of sub-paragraph (2), for “the relevant day” substitute “31 January after the end of the tax year in which the relevant day falls”;

(d)

after sub-paragraph (3) insert—

“(3A)

The condition is that the person concerned is resident in the United Kingdom and is not a qualifying new resident within the meaning of Schedule D1.”

(4)

Sub-paragraph (5) applies where a settlor fulfils the condition in paragraph 4(3A) of Schedule 5A to TCGA 1992 (settlements with foreign element: information) on 6 April 2025.

(5)

For the purposes of paragraph 4(2)(c) of that Schedule, the settlor is to be treated as first fulfilling that condition on 6 April 2025.