17 Jun Briefing Note - Trust Registration Service
There is a new Briefing Note – Trust Registration Service published on The Bloombury Wealth website.
This briefing note is designed to provide information and guidance to trustees in respect of the new trust registration service (TRS) requirements that were introduced by HMRC from 1st September 2021. The deadline for registration of most existing trusts is 1st September 2022 while for new trusts it is within 90 days of the date of their creation. HMRC used to require completion of a paper form to register a new trust. However, if there was no income arising and no likelihood of income or gains in the future, this form was not required and the trust did not need to be registered with HMRC unless a liability to UK tax arose and therefore was payable by the trustees in the future. Now trusts are required to register through the TRS rather than using a form. The TRS provides a single online route for trustees to meet their registration obligations and to obtain a self-assessment unique taxpayer reference (UTR) for the trust if it needs to submit a tax return due to a liability to UK tax.
Read the full document via this link.
Most tax and legal advisers are offering to do the trust registration on behalf of clients if the trustees wish to delegate this to a professional. To ensure that trusts are registered correctly and to avoid any penalties, Bloomsbury suggests asking a solicitor or tax adviser to do this on behalf of the trustees. More information, the links to obtain an organisational Government Gateway user ID and password and to register can be found via the document here.
Please note that Bloomsbury Wealth does not give tax or legal advice and any comments or observations are merely to provide general guidance. Appropriate tax and legal advice should therefore be obtained from a qualified adviser.