HMRC Trusts and Estates Newsletter: April 2022 has been published, including critical information on non-taxpaying trusts.
The deadline for registering non-taxable trusts that existed on 6 October 2020 on HMRC’s Trust Registration Service (TRS) is 1 September 2022. This deadline applies even if the trust has since been closed.
More information on trusts that need to register on the TRS and those that are excluded from the requirement can be found at Trusts and Estates: detailed information. More detailed technical information is available in the Trust Registration Service Manual.
CGT on UK residential property
HMRC is reminding taxpayers and agents that, where required, a capital gains tax (CGT) on UK property return must be submitted before the relevant self assessment (SA) return.
ICAEW’s Tax Faculty has asked HMRC about the position of those taxpayers who have filed a 2020/21 SA return, but did not file the CGT on UK property return for transactions in that year. It is not possible to file the CGT UK property return after the SA return, so taxpayers cannot make good the default. There may be a liability to penalties in this situation. No response has been received from HMRC.
Addresses for administration of estates post
HMRC is reminding personal representatives and agents of the correct postal address for correspondence regarding tax on income and gains during the post-death administration period.
Correspondence should be sent to "HMRC Administration of Estates":
- BX9 1EL, United Kingdom — for complex estates correspondence including appeals and Trust and Estate SA900 returns
- BX9 1AS, United Kingdom — for informal procedures notifications
These addresses should not be used for correspondence on CGT on UK property returns or inheritance tax.
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.
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