I've already published a blog post about the upcoming changes to the Trust Registration Service. As we've had further information on this I thought that I'd give you an update ...
The Government has confirmed that trusts which were in existence on the 10th March 2020 or created by the 9th February 2020, which are eligible to be registered, should be registered by the 10th March 2020. Trusts already in existence by then will have to provide further details regarding residency and nationality of the beneficial owners.
Responses from professional bodies regarding the Trust Registration Service were made, but there has not been any official guidance released. There have been a number of exclusions announced though.
- Statutory trusts
- Where two or more individuals co-own an asset both legally and beneficially
- Trusts used solely to hold one or more insurance policies
- Vulnerable beneficiaries
- Personal injury trusts
- Charitable trusts
- Trusts holding registered pension schemes
- Trusts registered in other EU member states
Trusts that do fall within the registration criteria after the 9th February 2020 will have 30 days to register under TRS from the date of their setup. This definition still needs better clarification from HMRC through the ATT and CIOT have both proposed that the setup date should be when assets are transferred into the hands of the trustees.
There are still unresolved questions around some trustees being without internet access and therefore unable to digitally engage with the Trust Registration Service or even the Government Gateway.
HMRC has revealed that it is still developing ways to access the Trust Registration Service,, but the industry is grateful for this clarification. I'll ensure to update you again when more details are confirmed.
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.