Alternative to HMRC

Trust information

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I've tried calling the Trust Registration Section but "due to unexpected high volume of calls they cannot deal with me" and then they cut me off

The problem

A will trust became active 2015 and the beneficiary (wife) died 2021. In the intervening period all income and CGT were recorded on the wife's tax return. The trust has now been distributed. The solicitor acting insists it should be registered.

Why if it's totally wrapped up ??

Are they correct ??- Any advice welcomed

 

 

 

Replies (3)

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By Paul Crowley
02nd Nov 2022 11:41

Why?
It is on the solicitors' checklist is why he is pushing it
I suspect HMRC not really interested, but is there a penalty risk?

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Jane
By Jane Evans
04th Nov 2022 13:22

Notice from HMRC below.

Really good information here:
https://www.att.org.uk/how-update-trust-register

"On 6 October 2020, amendments to the Money Laundering Regulations came into force to require trusts without tax liabilities to be registered on the Trust Registration Service (TRS). Any trust that was within the scope of registration on or after 6 October 2020 is required to register by 1 September 2022. The IT changes required to enable trustees to register such trusts in practice were completed on 1 September 2021. Trusts that were in existence on or after 6 October 2020, and have since ceased, are still liable for registration on TRS. Trustees of such trusts should register them on TRS and them immediately close the trust record. We appreciate that it may be challenging to raise sufficient awareness of this requirement with former trustees and agents of trusts that no longer exist, however we have an obligation to produce and maintain a comprehensive register of trusts in the UK from 6 October 2020 onwards. HMRC will take a proportionate approach should any such trust come to our attention after the deadline for registration of 1 September 2022.”

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Replying to Jane Evans:
avatar
By bernard michael
04th Nov 2022 13:34

Jane Evans wrote:

Notice from HMRC below.

Really good information here:
https://www.att.org.uk/how-update-trust-register

"On 6 October 2020, amendments to the Money Laundering Regulations came into force to require trusts without tax liabilities to be registered on the Trust Registration Service (TRS). Any trust that was within the scope of registration on or after 6 October 2020 is required to register by 1 September 2022. The IT changes required to enable trustees to register such trusts in practice were completed on 1 September 2021. Trusts that were in existence on or after 6 October 2020, and have since ceased, are still liable for registration on TRS. Trustees of such trusts should register them on TRS and them immediately close the trust record. We appreciate that it may be challenging to raise sufficient awareness of this requirement with former trustees and agents of trusts that no longer exist, however we have an obligation to produce and maintain a comprehensive register of trusts in the UK from 6 October 2020 onwards. HMRC will take a proportionate approach should any such trust come to our attention after the deadline for registration of 1 September 2022.”


Thanks Jane

Exactly what I needed. For once HMRC are comprehensive and easily understood

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