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Registration of Trusts with HMRC

14 December 2017 | Clare Hopkins

Here at Gregg Latchams, we are constantly keeping an eye out to ensure that our clients are kept updated with changes in the law – and Clare Hopkins , writes to explain the changes in regulations for trusts.

In April 2017, HMRC announced that all existing trusts that have a UK tax consequence will need to register with HMRC – including trusts that have already registered with HMRC with the 41G (Trust) form. This registration includes declaring details about the trust, the trustees, who the beneficiaries are, and what assets and/or property are included. Each trust with a tax consequence should be registered with HMRC by 5th October in each year, but the online portal has only recently ‘gone live’ so this deadline has been extended for this year.  ‘ A tax consequence may mean that you are required to pay, as an example, income tax or capital gains tax on assets held in the trust’. If you are unsure whether the trust has a tax consequence, we will be more than happy to assist’.

Trusts that fall under this new rule are those who have a UK taxable element: whether that is a UK tax resident trustee, a UK corporate trustee, a UK taxable income, or assets based in the UK.

It is the responsibility of the trustees to ensure that the trust is registered with HMRC before the deadline of January 31st 2018, using the online gateway( There is a lot of information required and this may be a  a lengthy process.

Once registration has beencompleted , your responsibility as a trutstee does not end: there is a continuing obligation to HMRC which means that you must notify them of any changes, keeping the Trust Register up to date and accurate at all times.

If you are a trustee and are concerned about updating your trust tax details with HMRC, and want to ensure that you submit accurate and correct paperwork first time, then contact Clare Hopkins to discuss your unique situation. We can then tailor a bespoke package of support for you, Please contact us for further details including costs.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.

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