Yes, this is regarded as a change of circumstance and a new Tax Declaration must be completed for the new controlling person(s). Examples of where a controlling person can change include:
- an appointment of a new trustee,
- an appointment of an absolute beneficiary,
- an appointment of a protector,
- an appointment of a director,
- where a shareholder’s share increases to 25% or more, or
- where an individual who otherwise exercises control over the company is appointed,
- where a new beneficiary is paid a full or partial withdrawal and a tax declaration has not previously been provided for that beneficiary.