This month’s technical bulletin includes the latest on the Trust Registration Service (TRS). The Treasury has issued a new consultation paper which proposes expanding the scope of the Register to require all UK express trusts to register, whether or not they incur a UK tax consequence. We believe this will include discretionary trusts, interest in possession trusts, many types of bare trust, charitable trusts and employee ownership trusts.
It also includes details of the new capital limit used by local authorities in Wales for assessing eligibility for financial assistance with residential care costs. It effectively means that residents in Wales will now be able to have up to £50,000 in savings, investments and/or other non-disregarded assets before they will have to contribute towards their care costs.Download