HM Revenue and Customs have reported a decline in the number of trusts and estates in the UK for the fifth year in a row.

Between 2018 and 2019, the total number of trusts and estates in the UK fell by 2 per cent to 151,000. The wealth management vehicles have been in steady decline, with numbers decreasing by 32 per cent over the past 14 years.

The total tax bill on trusts and estates in 2018/19 was £1.43 billion, with an equal split between Income Tax and Capital Gains Tax. This figure represents a 7 per cent increase on the previous year.

The continuing decline in trust and estate numbers has been attributed to an influx of tax and regulatory changes in recent years.

Further information can be found on the GOV.UK website.