The new ‘Trusts Registration Service’ is a compulsory online system which requires all trusts and complex estates with a UK Tax Liability to register.
Provisional details were published in the HMRC Trusts and Estates Newsletter: April 2017, which is available on the HMRC website.
The register replaces the previous form 41(G), withdrawn in April 2017, and is part of HMRC’s wider ‘digital strategy’ but also implements the requirements of the EU’s Fourth Anti-Money Laundering Directive which came into effect on 26th June 2017. Information on the register will only be accessible by Tax and Law enforcement agencies; however this may be opened up to the public at a later date.
Trustees and Personal Representatives (PRs) will need to ensure that the register is kept up to date and either notify any changes, or confirm that there are none, on an annual basis. At present the register is only available to lead trustees or PRs but agent access to the system is anticipated by October 2017.
For existing complex estates and trusts already liable to UK Income Tax, Capital Gains Tax, Inheritance Tax, Stamp Duty Land Tax (Land and Buildings Transaction Tax in Scotland) or Stamp Duty Reserve Tax, the first filing deadline will be 31 January 2018.
‘New’ complex estates and trusts will need to register when they first become liable to UK tax.
The information to be provided on the register is much more extensive than on the old paper 41(G) form and for trusts will include:
- Details of the trust itself, including date of establishment, country of residence and place of administration
- Full details of assets initially settled in the trust, to include values and addresses for any trust property
- The identity of the Settlor, trustees, protector (if any), persons exercising control and beneficiaries to include the individual’s full name, date of birth and national insurance (NI) number or unique tax reference (UTR). If the individual has no NI number or UTR then their usual residential address must be provided and, if this is not in the UK, their passport number or identification card number
Trustees should therefore ensure they have the relevant details and that accurate records are maintained going forward in order to comply with these requirements.
For more information please contact Michael Ball on 01522 551200 or email firstname.lastname@example.org