Taxation of Chargeable Gains Act 1992 Schedule 5A paragraphs 1–6

Settlements with non-UK resident trustees: reporting requirements

Schedule 5A paragraphs 1 to 6 set out the reporting obligations that arise when settlements involve trustees who are not resident in the United Kingdom, or who are treated as resident outside the UK under double taxation agreements.

• Persons transferring property to non-UK resident trustees of pre-17 March 1998 settlements must file a return with HMRC within 12 months, identifying the settlement and the property transferred.
• When a new settlement is created with non-UK resident trustees (or trustees treated as non-UK resident under a double taxation agreement), a UK-resident settlor who is not a qualifying new resident must report to HMRC within three months of the settlement's creation.
• A settlor of a settlement created on or after 19 March 1991 who was not previously UK resident and domiciled, but who later becomes UK resident (and is not a qualifying new resident), must file a return within 12 months of the 31 January following the end of the tax year in which they first meet that condition.
• Where trustees cease to be UK resident or become treated as resident outside the UK under a double taxation agreement, any person who was a trustee immediately before that change must file a return within 12 months.