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HMRC Trust Registration Service

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HMRC’s Trust Registration Service was launched this summer and replaces the 41G (Trust) paper form. Using this service is now the only way trusts and complex estates can obtain their Self-Assessment Unique Taxpayer Reference.

In addition to the basic information relating to the trust, the Trust Registration Service requires details of the trust’s beneficial owners and assets. This information, which will form the Trust Register, will only be available to law enforcement agencies and will not be available to the public. Trusts which are not required to report include bare trusts and trusts where all the income has been given to the beneficiaries so the trust is no longer required to submit a tax return.

For trusts not yet registered with HMRC Trust Registration Service, the deadline for registering the trust using this new system is 5 January 2018. This extended deadline is only for the first year of the system. For trusts already registered for self-assessment or which do not require registration, but which incurred a tax liability in the 2016/17 tax year, the deadline for supplying the relevant information to HMRC is 31 January 2018.

For further information on how to register a trust can be found if you follow the link below to the government website:

https://www.gov.uk/trusts-taxes/trustees-tax-responsibilities

The Private Client team at Clarion are very experienced at advising on, preparing and administering a wide range of trusts and assisting lay and professional trustees in their role as trustee. If you require any assistance in your role as a trustee, or if you have any questions, please do not hesitate to contact Kerri-Anne Ball on 0113 222 3243 or at kerri-anne.ball@clarionsolicitors.com

Disclaimer: Anything posted on this blog is for general information only and is not intended to provide legal advice on any general or specific matter. Please refer to our terms and conditions for further information. Please contact the author of the blog if you would like to discuss the issues raised.