The Trusts Register will provide a single point of access for trustees and their agents to register and update their records online, replacing the current paper 41G(Trust) form and the ad hoc process for trustees to notify changes in their circumstances.
All express trusts with a UK tax liability will need to be registered. This also includes offshore trusts which have UK tax liabilities in respect of assets they hold directly.
Yes, providing that the UK trustees (rather than the settlor, beneficiary or anyone else) have a liability in principle for the following taxes from 6 April 2017:
*Please note SDLT in Wales is being replaced in Wales by a new Land Transaction Tax (LTT) on 1 April 2018 and [some of] HMRC’s functions will be devolved to the Welsh Revenue Authority. At the time of writing it is not known whether LTT Tax will be added to the list of taxes.
Trustees must register in 2018 if:
Once registered, trustees will need to update the register annually, unless no changes or tax liabilities have occurred since registration.
Trustees must ensure and confirm the Trust Register is accurate and up to date, guaranteeing their obligations under the 4th Money Laundering Directive are complied with. This includes those trusts that have already registered with HMRC using the 41G(Trust) form.
The registration deadlines for trusts with UK tax liabilities in 2016-17 are set out below:
If you are not required to register a trust by the above deadlines, you will need to do so later if the trust incurs a liability for the above-mentioned UK taxes for the first time.
In the meantime, the trustees of an express trust must:
Legal responsibility to register the trust, update it as required and keep the required internal records rests with the trustees.
Only if the estate if regarded as a ‘complex’ estate.
HMRC requires an estate to obtain the Unique Tax Registration (UTR) number via an online portal in order to file self-assessment returns with the Cardiff district, if:
For further information, please see below the following links:
The Trust Registration Service – further updates (for details of latest changes as of 15 February 2018.)