In June 2017 HMRC will launch a compulsory online Trusts Registration Service for all trusts with UK tax liabilities and complex estates.
The Trusts Register is intended to provide a single point of access to register and update trust records online.
- All trusts with UK tax liabilities will need to register using the online service, including those who have already submitted a paper registration form to HMRC.
- Trustees will need to update the register each year where there are UK tax consequences for the trust.
- The current paper Form 41G (Trust) will no longer be accepted from the end of April.
- Representatives of complex estates will also be required to register using the new online service.
- Any new trusts or complex estates will be required to use the service to obtain a UTR.
The register will include:
- Details of trust assets, including addresses and values.
- The identity of the settlor, trustees, protector (if any), persons exercising control and beneficiaries.
The online service is being rolled out in phases:
- Initially only lead trustees and personal representatives will be able to use it.
- Agents should be able to register new trusts by October 2017.
- Although the service is not yet available, HMRC are asking people to delay notifying them of a new trust or complex estate until it is up and running.
Links
Our subscriber guide: Trusts & Estates: Ten-year charge reporting requirements
HMRC’s Trusts and Estates Newsletter: April 2017 provides further details on the new registration requirements.
Do you like our content and want to know more? Sign up now * for Nichola's FREE SME tax news, tips and topical updates...read more
*There are no strings attached: you will be free to unsubscribe at any time and we don't pass on anyone's details to anyone else and as you can see we don't blur our content with annoying adverts.