New rules mean that Non-Taxable Trusts can register, and the deadline for this has now been set. All trustees should take note to register their trust details on HMRC's own Trust Registration Service ...
Trustees have been under obligations to register their new trust since 2017 using the TRS portal. Any trust that incurs Income Tax or Capital Gains Tax should report this by the 5th of October of the next tax year. Trusts that have Inheritance Tax or Stamp Duty Land Tax liabilities must report by the 31st of January following the tax year.
These new provisions mean trust have to register even if there is no tax liability or a return to submit because of it. This is because the United Kingdom needs to comply with international money-laundering agreements.
It came to light recently that the TRS portal didn't have any facility for registrations of Non-Taxable Trusts; however, this has been resolved since the 1st of September 2021.
The deadlines are as follows:
- Non-Taxable Trusts that exist from the 6th of October 2020 must be registered by the 1st of September 2022
- Non-Taxable Trusts created after the 1st of September 2022 must be registered within 90-days
- any changes to the details of a trust must be registered within 90-days
- trusts with tax liabilities then the same deadline as those that currently exist
I strongly recommend speaking to a tax adviser about any Non-Taxable Trust that isn't already registered, and regular reviews will be needed if anything changes so that they can be properly reported.
If you'd like to find out more about anything I've written here, do call me on 01908 774323 or leave a comment below and let's see how I can help you.