Changes to registering and updating Trusts and complex Estates

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A new service enabling people to register and update Trusts and complex Estates online has been launched.

The Trusts Register has replaced the paper 41G(Trust) form and will enable Trustees, Personal Representatives and their agents to register and update online.

The service has been launched in order to provide a ‘single online route for Trusts and Estates to comply with their registration obligations’.

Benefits of the service include: no lost/delayed forms in the post; only relevant questions to your trust/estate will be shown; a summary page can be printed and kept for your records.

HMRC has said that all Trusts with a UK tax consequence will need to be registered.

Trustees will need to update the register every year that the Trust generates a UK tax consequence whilst ensuring the Trust Register is accurate and up to date at all times.

Personal representatives and their agents can register and update complex estates using The Trusts Register.

An Estate is considered complex if:

  • The value of the Estate exceeds £2.5million
  • Tax due (for the whole administration period) exceeds £10,000
  • Value of assets sold in any tax year for date of deaths up to April 2016 exceeds £250,000 or £50,000 for date of deaths after April 2016.

When registering a Trust you will be given a unique taxpayer reference (UTR) and will be asked for:

  • Details of the trust assets, including address(es) and values
  • The identity of the Settlor, Trustees, Protector, all other people’s exercising effective control over the Trust and the beneficiaries or class of beneficiaries.

When registering a complex estate you will be asked for basic information, including the identification of the deceased and the personal representatives.

The information required to register a new Trust or complex estate will include:

  • Name
  • Date of birth
  • NI number (if a UK resident) and not a minor
  • Address and passport (ID number for non UK residents)

“It is very important that all Trusts and complex estates register for this new online service,” said Peter Way-Rider, tax manager at Ellis & Co.

“This new system requires more information than the Form 41G(Trust) did, including details of all assets, addresses and values.”

For further information about The Trusts Register or any other tax matter contact Peter Way-Rider on 01244 343504.