Trustees must register their trust with HMRC by 5 March 2018

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All existing trusts that incurred a tax liability during 2016/17 are required to register using the Trust Registration Service (TRS) even if a 41G form has been submitted. What’s involved?

What counts as a tax liability? A liability to income tax, capital gains tax, inheritance tax, stamp duty land tax, stamp duty reserve tax or land and buildings transaction tax (Scotland). Note that if there is no tax to pay due to the availability of reliefs, the trust is not required to register using the TRS.

How to register a client’s trust? Using this link https://www.tax.service.gov.uk/gg/sign-in?continue=/trusts-forms/form/registration-of-a-trust/new. You’ll need an agent services account and details of assets put into the trust, including the date they were put in. You will also need the name, address, date of birth and NI number (or passport number) of any individuals in the trust. Note that only two settlors can be registered online; details of additional settlors will need to be sent to HMRC by post.

When is the deadline for 2017/18 and later years? New trusts must register by 5 October in the tax year after the trust starts to pay income tax or capital gains tax for the first time. Existing trusts must register by 31 January if the trust incurred a tax liability in the previous tax year.

Not sure what to do then contact us through our website and we can help.

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