Trust Registration Service

Making Tax Digital may have been delayed but, for all the Trustees out there, online reporting has opened its doors wider. The deadline for registering a Trust, using the new online service, has been postponed for the tax year 2016/17 to 5th December 2017. This is just as well because advisors will not be able to use the service till October.

In future years, Trusts will need to be registered by 5th October, after the tax year in which a tax liability arises.

It is no longer going to be possible to notify HMRC of Trust changes in a tax return. Instead changes of Trustees or addresses will be notified online and the register will need to be updated annually.

All trusts with tax liabilities need to be registered even if they have previously been registered using the old paper format, which was a 41G form. The data from the previous 41G form will be transferred across by HMRC, but there may be missing information which needs to be included.

Individual Trustees can already go ahead and use the online registration service, if they choose to complete it themselves. They will need to set up a Government Gateway account to do that.

If you would like to register your Trust, yourself, you can do this by going over to www.tax.service.gov.uk/trusts-forms/form/registration-of-a-trust/new

You will need the following information before you start
• Full name
• Date of birth
• National Insurance Number or Passport Number if resident overseas

for Trustees, Settlors, Beneficiaries and other people who may have influence on the Trust and information about the Trust, date of set up and its assets.

We at Holden Tax Consulting Limited will of course deal with this registration for our existing Trust clients. If you are not one of them and would like to discuss your Trust with us then please get in touch.