It is now a requirement that all trusts that “have a tax consequence” in the year must register online with HMRC.
A tax consequence is a transaction in respect of any tax – be that income tax, capital gains tax, inheritance tax or stamp duty land tax. It follows that any trust that completes an income tax return in a year will be required to register.
At the present time it is only possible for a trustee to use the online registration process; the system that will enable Ensors to undertake the process as Agent will not be available until later this year. We will be contacting our trust clients shortly to establish whether they wish Ensors to undertake the registration on their behalf once the Agent system is online.
If a trustee wishes to register their trust now they will need to set up a Government Gateway account in respect of the trust as an “organisation”.
In order to start this process please click here and choose the “Don’t have a Government Gateway account” option.
There is a considerable amount of information that will be needed to register the trust including the names, dates of birth and national insurance numbers of the settlor, all trustees and certain beneficiaries. Additionally information as to the value of the trust and proportionate entitlements of beneficiaries to income will be required.