HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.

Trust Registration Service (TRS)

The TRS is now open for non-taxable trust registrations.

Trustees should now register all UK express trusts and some non-UK express trusts with HMRC including non-taxable trusts unless the trust is specifically excluded. The new deadlines are as follows.

See Trust Registration Service

Inheritance Tax Checker launched

HMRC have updated their guidance about valuing the estate of someone who’s died to include an Inheritance Tax (IHT) checker which:

It does not calculate any IHT due on the estate or inform HMRC about the estate’s final value.

See HMRC tool: Check if you might need to pay Inheritance Tax

New telephone number for the Estate Period of Administration Helpline

Administration period of Deceased’s Estates for Income Tax and Capital Gains Tax (CGT)

If an estate is not regarded as complex, this may mean that you do not need to send HMRC a Self Assessment tax return (SA900) and can instead use ‘informal payment arrangements’.

An SA900 is required for the estate if either:

An SA900 is also required for the estate if the date of death was either:

In some situations, an asset may be sold for an unexpected amount at the end of the administration period and the estate becomes a complex estate.

The newsletter includes an example to illustrate this point.

External link

Trusts and Estates newsletter: September 2021 

Useful guides on this topic

Trust Registration Service
What is the Trust Registration Service? What trusts does it apply to? What are the requirements and deadlines?

UK Trusts
What is a trust? What types of trust are there? How are UK trusts taxed?

How to set up a UK trust
What are the tax implications of setting up a trust? What do I need to do as a settlor? What do the trustees need to do?

How to wind up a UK trust
What are the tax implications of winding up a trust? What do I need to do as a trustee to wind up a trust? Why wind up a trust?

Trusts & Tax planning
What is a trust? How can trusts be used in tax planning? What are the advantages and what are the pitfalls?


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