Commentary

I5.1030 Trust returns and information

IHT, trusts and estates

I5.1030 Trust returns and information

Trustees—administration of trusts

I5.1030 Trust returns and information

For the latest New Development, see ND.1926.

The provisions described in this document deal with the administrative provisions for trustees of settlements.

Trust register

What is the Trust Register?

HMRC's Trusts Registration Service (TRS), which launched in July 2017 (replacing form 41G (Trust)), provides a single online route for trusts (and estates) to register and update trust records online, and to comply with their tax obligations1. New trusts can use the TRS to obtain a unique taxpayer reference (UTR).

The TRS currently implements the requirements of the Money Laundering Regulations2 under the EU Fourth and Fifth Money Laundering Directives (4MLD and 5MLD).

The obligations under the regulations, together with practical guidance, has been updated numerous times, often by way of the HMRC Trusts and estates newsletter.

Which trusts must register with the TRS?

The Trust Register covers all trusts with a UK tax liability, including non-resident trusts with a UK 'tax consequence'3.

A 'tax consequence' arises if a trust incurs UK liabilities for:

  1.  

    •     income tax

  2.  

    •     CGT

  3.  

    •     non-resident CGT

  4.  

    •     inheritance tax

  5.  

    •     stamp duty land tax, or

  6.  

    •     stamp duty reserve tax

Certain trusts are not currently required to register, for example bare trusts or where or where the trust only has income tax payable of less than £100 on interest income4.

Since the implementation of 5MLD through the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 20205, all express trusts need to register, not just those who are liable to pay tax.

TRS registration deadlines

Existing trusts, including

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