Q&As

Does an EBT have to be registered with HMRC’s online Trusts Registration Service?

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Published on LexisPSL on 05/12/2017

The following Share Incentives Q&A provides comprehensive and up to date legal information covering:

  • Does an EBT have to be registered with HMRC’s online Trusts Registration Service?

By virtue of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations), any trust which is a ‘taxable relevant trust’ must be registered with HMRC using the HMRC online Trusts Registration Service. This service has replaced the Form 41G (Trust), which was the old form for notifying HMRC about a trust, and which was withdrawn in April 2017.

For these purposes, an employee benefit trust (EBT) will be a ‘taxable relevant trust’ and will therefore need to be registered under the Trusts Registration Service if either:

  1. it is a UK resident trust where the trustees have incurred a liability, in a given tax year, to pay UK taxes, or

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