Important Update To The Trust Registration Service

The Trust Registration Service may be a one-off event, but you need to keep your registration up to date when changes to your circumstances have occurred ...

A letter to HMRC used to suffice when your circumstances changed; however, they now offer online access to the register, which means any changes can be made electronically.

"You can no longer submit changes by letter!"

There are also new obligations that came in with immediate effect, where trustees must confirm annually that no changes impact on the Trust Register. You can appoint an accountant as your agent to assist you, but agent authorisation is different from your own self-assessment registration.

Any changes to trustees, representatives, beneficiaries, members of class beneficiaries, settlors, protectors or agents must be notified. However, it is not necessary to notify changes to the assets held in the trust.

If there was not a UK tax liability in a particular tax year a change occurred, the requirement to update gets deferred until the 31st January in the next year a tax liability occurs.

"Tax liability can include Income Tax, Capital Gains Tax, Stamp Duty Land Tax and Inheritance Tax!"

Whether you are updating the Trust Register yourself, or want your appointed agent to do it, you will need to get a Government Gateway account for each trust. Individual tax payers who are 'digitally excluded' can request further support from HMRC directly.

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.