HMRC Trusts Registration Service

Many Trusts have a liability to pay tax. The Trustees are responsible for ensuring that tax is paid as required. Historically this was done via a paper based process but, since July 2017, can only now be done on line via the HMC Trusts Registration Service (TRS). Our thanks to one of our clients who drew this to our attention.

More information can be found on the STEP website. We note a few key points below. 

Which trusts need to use the TRS?

  • A UK express trust where the trustees have incurred a liability, in a given tax year, to pay any of the UK taxes listed below will need to be registered on the TRS; or,
  • A non-UK express trust which receives UK source income or has UK assets on which the trustees have incurred a liability, in a given tax year, to pay any of the UK taxes listed below will need to be registered on the TRS.

When do trustees need to complete and submit the registration?

This depends on whether the trust is already registered for Self-Assessment (SA) for income tax or capital gains tax. 

Trust already registered for SA: If the trust is already registered for income tax or capital gains tax and the trustees of the trust have incurred a relevant UK tax liability in a given tax year, then registration must be completed by no later than 31 January after the end of that tax year.

Trust not registered for SA: If the trust is not registered under SA and has incurred either an income tax or a capital gains tax liability for the first time in a given tax year then registration must be completed by no later than 5 October after the end of that tax year.

Trust not registered for SA: If the trust is not already registered for SA or does not need to register for SA and has incurred either an inheritance tax, stamp duty land tax, stamp duty reserve tax, or a land and buildings transaction tax (Scotland) liability in that tax year, then registration must be completed by no later than 31 January after the end of that tax year.

 

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Consider whether you need to inform any of your Trustee clients.

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Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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