Update on Trust Registration Service

14 March 2018

H M Revenue & Customs (HMRC) introduced a new online registration service for trusts in June 2017 as part of the UK’s implementation of new directives around “Money Laundering”.  

All trusts with a UK tax consequence are required to register, this includes trusts which have previously registered with HMRC using the old 41G(Trusts) form.  A trust is considered to have a UK tax consequence in any tax year in which the trustees incur a UK liability for income tax, capital gains tax, inheritance tax, stamp duty land tax or stamp duty reserve tax.

In order to complete the submission, HMRC require the full names, dates of birth and National Insurance numbers (if under 16, HMRC will accept an address) for the settlor, trustees and beneficiaries of the trust.

The deadline for submission was 31 January 2018, however, given that agents were not provided with access to the service until late October 2017, HMRC have confirmed that, although the deadline has not been extended, penalties will not be issued, providing the trust is registered by 5 March 2018.

We have been in contact with our clients over the last few months to request the necessary information, however, if we have not yet received the information to register the trust, this needs to be done as soon as possible in order to avoid automatic penalties. We will shortly be sending out reminder letters to all trusts that have not yet been registered.

If you or any of your clients are involved with a trust that is not looked after by Old Mill and would like some assistance or advice regarding the registration process, please do not hesitate to contact Natalie Galvin on 01935 709397 or email natalie{dot}galvin{at}oldmillgroup{dot}co{dot}uk 

< back