The latest government statistics show the number of trusts submitting UK tax returns declining year on year and trusts paying £500m less in income tax than in the previous year. What is driving this ongoing decline in the use of trusts?

For those unfamiliar with trusts, they allow for the ownership and control of an asset to be separated from the ability to benefit from an asset. It is a legal concept which has been around for centuries and many families use them as a means of holding assets on behalf of children until they are ready to have possession of the asset personally.