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.
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