The Trust Registration Service will be closed from 29 April to 4 May 2021 for a technical update and when the service reopens additional data will be required to complete registrations. ICAEW’s Tax Faculty highlights the changes.
As part of the preparations to enable non-taxable trusts to use the Trust Registration Service (TRS) the service will be unavailable for five days from 29 April. HMRC has confirmed that any partially completed registrations must be finished by 16:30 on 29 April.
When the TRS reopens on 4 May additional data will be required to register a trust. Those undertaking the registration will have to confirm whether:
- the trust is, or is not, an express trust (the term ‘express trust’ covers all trusts that have been deliberately created by a settlor, ie, as opposed to statutory, resulting or constructive trusts);
- a non-UK trust has a business relationship in the UK;
- the trust has purchased any UK land/property; and
- the trust has a controlling interest in a non-EEA company (and if so, provide company details).
Additional data will also be required about the individuals involved in the trust, including:
- country of residence;
- country of nationality; and
- whether the person has mental capacity at the time of registration.
Alongside additional data requirements, HMRC has confirmed that there will also be changes to the way in which it confirms inputted data is correct, including individuals’ names and dates of birth.
This change means that TRS users will have three attempts to input the correct details, after which they will be asked for alternative details, such as address or passport number.
This TRS update will also provide the functionality to allow users to obtain a PDF output from the service which can be used as proof of registration.
HMRC has confirmed it will update its guidance for agents on registering a trust on 4 May when the TRS reopens.
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This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.