Under new legislation that came into force on 26 June 2017, HMRC has launched a new digital register for trusts. The idea is to create a single point of access to register and update trust records.
HMRC Trust Registration Service
Registration is compulsory for all trusts with UK tax reportable income or gains, including trusts that have already been reported to HMRC via Form 41G. New trusts must also be setup through the register, and as a consequence of this, HMRC have withdrawn Form 41G. Registration is required for Employee Ownership Trusts, Discretionary trusts, Interest in possession trusts and Charitable trusts.
The details that the trust register will include are:
- Details of the assets settled into the trust.
- Details of the settlor, trustees, beneficiaries and other people with influence or involvement in the trusts. Information required includes name, address, date of birth and National Insurance number. Additional details are required for non-UK residents.
Currently, only individual trustees can register for the service, but it is expected that by October 2017 agents will be able to do this on trustees’ behalf.
The deadline for all existing trust to be registered on the online service is 31st January 2018, and for new trusts with a tax reporting requirement arising during the year to 6th April 2017, the deadline is 5th October 2017.
Burgis & Bullock advise many trustees on trust matters and would be happy to assist with any queries you may have in this area. For more information please contact your usual B&B contact or use our on-line contact form.