HM Revenue & Customs Trust & Estate Online Services launched
With very little in the way of fanfare or publication, HMRC launched its new online trust and estate services at the end of July 2017 which you should be aware of in case you act as a trustee or executor.
What are the new services?
The online services are intended to meet requirements placed on HMRC, trustees and executors by anti-money laundering legislation that came into force in June 2017 which attempts to make arrangements such as trusts slightly more transparent.
HMRC have announced that the register will not be publicly available and will only be accessible by HMRC and law enforcement agencies when they request details from HMRC.
What information is collected?
New or existing trusts and complex estates will need to be included on the register in any tax year when there is a UK ‘tax consequence’ – which is broadly whenever the trust or estate becomes liable to pay tax.
Whether that tax is Income Tax, Capital Gains Tax, Inheritance Tax, Stamp Duty Land Tax or Stamp Duty Reserve Tax, the trustees or executors will need to register the trust or estate and provide information, including:-
- The trust or estate name, contact address and telephone number.
- Details of the laws and country of administration of the trust if these are outside the UK.
- Information such as name, date of birth and National Insurance number for the deceased in the case of estates or the settlor, trustees and beneficiaries for trusts.
- The type of assets in the trust and their monetary value.
When do trusts and estates need to be registered?
If a trust or estate has a UK tax consequence it will need to register by 5 October following the tax year in which the trust or estate is created.
The online services can be accessed via the GOV.UK website using a Government Gateway account which will need to be created if the trust or estate does not already have one.
How can Ward Goodman help?
If you act as a trustee or executor and would like any further help or guidance with the registration process, please call 01202 875 900 and speak with either Bryn Holloway or Ross Adams in our Private Client team.
01747 835435
Or visit
www.wardgoodman.co.uk
