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thepartners@wrigleys.co.uk

Leeds: 0113 244 6100

Sheffield: 0114 267 5588

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HMRC's Trust Registration Service – ACTION REQUIRED

July 2017

The HMRC Trust Registration Service has now been launched and will require all trusts with UK tax liabilities to be registered.

Key Points

  • All trusts with income or capital gains tax liabilities need to be registered via this service, including any trust that has already been advised to HMRC using a form 41G.
  • The service is only currently available to individual trustees who wish to deal with trust tax affairs themselves, not through an agent. The agents' access to the service will not be available until later in 2017.
  • A Government Gateway account will need to be set up by the individual trustee to be able use this service.
  • See below for a guide to how Wrigleys can help trustees.

Background – HMRC's digital strategy

As part of HMRC's wider digital strategy, it is removing the ability for trustees to register and update trust records with HMRC in a paper format, such as via the trust tax return.

Trust Registration Service – new online system

To replace paper, a new service known as the Trust Registration Service has been launched.

This online system requires trustees to report the trust details to HMRC and update the register annually.

All trusts with potential UK tax liabilities need to be registered via this service.

 

What do trustees need to do?

  • Register your trust with HMRC online services via www.tax.service.gov.uk/trusts-forms/form/registration-of-a-trust/new
  • The following details will be required (so have these to hand):
    • Details of the assets settled into trust (including the type of trust and value).
    • The identity of the settlor, trustees, beneficiaries and other people with influence or involvement in the trust (including names, dates of birth, NI numbers, passport numbers for non-UK residents).
    • The tax years the trust needs to declare liability to income or capital gains tax for.
    • You may possible be asked for details of the deceased person if the trust was established by will or intestacy or the protector if one has been appointed.

Which types of trusts are affected?

All trusts which complete a UK trust and estate tax return including:

  • Employee Ownership Trusts who complete a trust tax return
  • Discretionary trusts
  • Interest in possession trusts
  • Charitable trusts   

How can Wrigleys help you?

We deal with annual trust compliance on behalf of trustees, including:

  • Preparation of trust tax returns
  • Current registration requirements for:
    • FATCA (Foreign Account Tax Compliance Act)
    • CRS (Common Reporting Standards)
    • AEOI (Automatic Exchange of Information)
  • Preparation of trust accounts

If you would like to discuss any aspect of this article please contact Emma Lowe on 0113 244 6100.

The information in this article is necessarily of a general nature. Specific advice should be sought for specific situations. If you have any queries or need any legal advice please feel free to contact Wrigleys Solicitors

Emma Lowe View Biography

Emma Lowe

Trust Manager
Leeds

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