TSEM10135 | Non-resident trusts: new non-resident trust: completed form 50(FS) not received

From HM Revenue & Customs · Trusts, Settlements and Estates Manual

If a form 50(FS) is not received, HMRC can issue a formal notice requiring such particulars for the purpose of considering liabilities which may arise on the settlors or beneficiaries of the trust under the Transfer of Assets Abroad legislation (ITA07/S748) or from the attribution of trust gains to beneficiaries (TCGA92/s98).