Update On The Trust Registration Service (TRS)
More clarification is still needed ...
Posted by Helen Beaumont on 06/05/2020 @ 8:00AM
I recently published another blog post about the upcoming changes to the Trust Registration Service, but as we've had further information released by HMRC on this, I thought I'd give you an update ...
HMRC has offered more clarity on the Trust Registration Service!
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The Government has confirmed that trusts which were in existence on the 10th March 2020 or created by the 9th February 2022, which are eligible to be registered, should be registered by the 10th March 2022. Trusts already in existence by then will have to provide further details regarding residency and nationality of the beneficial owners.
HMRC completed their technical consultation and published their results on the 24th January 2020. 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.
Where two or more individuals co-own an asset both legally and beneficially
Trusts used solely to hold one or more insurance policies
Personal injury 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 2022 will have 30 days to register under TRS from the date of their setup. This definition still needs better clarification from HMRC though 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.
Until next time ...
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more, it may be a great idea to give me a call on 01908 774323 and let's see how I can help you.
About Helen Beaumont ...
Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.
Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.
When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.
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