Benefits of UK Non-Resident Trusts Owning UK Companies If a UK company qualifies as a Professionally Managed Investment Entity (PMIE) and is owned by a UK non-resident Custodial Institution trust, here’s the reporting advantage: No Reporting Responsibility for the PMIE: The UK company itself does not bear the CRS reporting obligation. No Reporting Responsibility for the Trust: The UK non-resident Custodial Institution trust is also exempt from the reporting burden. Where Does the Obligation Lie?