Weekly tax brief | 24 August 2021

Freeport success threatened by row between Government ministers
George Bull
A House of Commons report lifts the lid on an impasse between the Department for International Trade and HM Treasury which threatens the success of post-Brexit UK freeports. The Cabinet needs to get a grip on this to ensure that Government policy on freeports does not run aground before the first ports come into operation.

TRS #2 – think again, do you have a trust arrangement?
Joan Foster
HMRC confirmed last week that the Trust Registration Service (TRS) will be open for registration of non-taxable trusts from September 2021. As significant changes have been introduced, resulting in additional reporting requirements for many individuals and trustees, now is the time to review arrangements. That includes bank accounts for children held by grandparents. You have been warned!

Creative sector tax reliefs on the rise
Matt Appleton
The Treasury’s latest creative sector tax relief figures show a total of £1.31 billion was paid out during the year up to 31 March 2021. Despite the obvious challenges presented by the pandemic starting to bite, this is an encouraging increase on the previous year’s figure of £1.11 billion, as big-budget film production comes to the UK and the video games industry continues to grow. 


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