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HMRC internal manual

Trusts, Settlements and Estates Manual

Non-resident trusts: new non-resident trust: issue of form 50FS -

Although the trustees of a trust which has been non-resident throughout a tax year are not chargeable to Capital Gains Tax on the trust gains, the trust gains may be attributable to the settlor and/or beneficiaries who will be chargeable on the attributed gains in the year the gains arise or in a later year (TSEM10265).

SPT Personal Tax International issue forms 50FS to non-resident trusts that are notified to HMRC. The form is a non-statutory form requesting information on trust income and gains. It also asks for details of capital payments made by the trustees to enable HMRC to monitor liabilities arising to UK resident settlors and beneficiaries of non-resident trusts. Completion of the form is voluntary, but by completing the form and providing information which can be used to reconcile entries made on the settlors’ and/or beneficiaries’ tax returns, the trustees may prevent enquiries being made into those aspects of the settlors’ and beneficiaries’ tax returns.

The forms can be issued to any person (including trustees, settlor or beneficiary) and are also available on the HMRC website for customers.