Interest earned by management companies is deemed to arise to the residents “trust” and Trust income tax applies rather than Corporation Tax or personal income tax. Are all these entities registerable under the Trust register arrangements?)
( If so, I wonder how many have done so despite, I suspect, there being thousands of such arrangements)
The attitude of HMRC has varied over the years. Back in 2017 a trust such as that for service charges under S.42 Landlord and Tenant Act 2017 was listed as one of the possible trusts. However, subsequent thought seems to be that such a trust is not ‘express’, so not required to be registered. Confusingly, it would also come within paragraphs 1 and 19, which seems otiose.
In passing, a trust under s.42 LTA 2017 would seem to be ‘relevant’ under the Inheritance Tax Act 1984 and to be settlor-interested under ITTOIA 2015, so that the trustees ought not to be chargeable on any income arising.
I should have referred to the Landlord & Tenant Act 1987, not 2017!
Ray Magill