Does a trust (managed on a discretionary basis) have its own FATCA reporting requirements or is this the responsibility of the manager?


Dickon Johnstone
27 Aug 2020

A: SenseCheck

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  • 30 Aug 2020
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    I am neither a trust lawyer nor tax lawyer but on a quick review it seems like the guidance on this is quite old (I can't find anything post 2014) but it all depends on whether the trust falls within the definition of Financial Institution which will depend on the nature of its activities and the assets it holds. Here is a Law Society note (2014 but looks like it is still live) https://communities.lawsociety.org.uk/july-2…; and a really good decision tree / flow chart from ICAEW; https://www.icaew.com/-/media/corporate/file…; Notwithstanding that, per your second question, responsibility can be delegated but not avoided. So the manager may do it as agent I assume. Also see this paper from HMRC about classification from Section 2.31 "Collective Investment Schemes" onward https://assets.publishing.service.gov.uk/gov…;


    Rachel Amos
    The Senate

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