When you put in a family trust tax return in the coming year (2022 tax year), more information is going to be required by Inland Revenue:
- transfers by associated people (generally means relatives of the beneficiaries) to the trust
- loans between the trust and related parties
- more details about distributions to beneficiaries
- more details about any settlements (includes free
services to the trust and money donated) on the trust - information about the power to appoint or dismiss trustees
- Inland Revenue could ask for information backdated for seven years.
