I have received a number of queries on this topic and would welcome views … here are a couple of examples
1 Legal and beneficial owners of property are different. Rental income – beneficiaries may or may not have tax liabilities. Normally, consider as bare trust and declare income on personal tax returns only if relevant. This would now require registration for TRS but what about SA … do we continue to included on personal TR does “trust” register for SA?
2 Interest in possession trust. Register under TRS. Would anyway register for SA. But, may mandate income to beneficiary. May on the tax return tick mandated box and so avoid subsequent entries – but what about update box?
May not have TR issued – do we need to insist on doing one e.g. to be able to tick box?