Section 42(2)

For the purposes of this Part— a “UK body corporate” is a body corporate which is incorporated under the law of the United Kingdom or any part of the United Kingdom, and includes an eligible Scottish partnership; a “relevant trust” is— a UK trust which is an express trust; ... a non-UK trust which is an express trust; and on which it is liable to pay one or more of the taxes referred to in regulation 45(14); or receives income from a source in the United Kingdom; or has assets in the United Kingdom, any other non-UK trust which is an express trust, is not a trust listed in Schedule 3A (excluded trusts) and whose trustees (in their capacity as such)— acquire an interest in land in the United Kingdom; ... acquired an interest in land in the United Kingdom before 6th October 2020 and continued to hold that interest up to and including the date on which this sub-paragraph comes into force; or enter into a business relationship with a relevant person, where at least one of those trustees is resident in the United Kingdom and the trust is not an EEA registered trust; a trust is a “UK trust” if— all the trustees are resident in the United Kingdom; or sub-paragraph (d) applies; this sub-paragraph applies if— at least one trustee is resident in the United Kingdom, and the settlor was resident ... in the United Kingdom at the time when— the trust was set up, or the settlor added funds to the trust; a trust is a “non-UK trust” if it is not a UK trust; a “collective investment scheme” has the meaning given in regulation 12H of the International Tax Compliance Regulations 2015 .

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Source: legislation.gov.uk · retrieved 2026-09-04