HMRC’s new Trust Register has now been launched.
The new Trusts Online Service is the portal for trustees to provide HMRC with information required for the Register, such as the name of the trust and the date it was set up, national insurance number and date of birth for the settlor, trustees (and beneficiaries, as required).
Any trust that has not been issued with a 2016/2017 self assessment tax return but needs to submit one should be registered by 5 October 2017. The process will generate a tax reference and tax return for the trust.
Many other trusts will need to register by 31 January 2018, even if they are already known to HMRC and are filing self assessment tax returns.
Please speak to your usual Magma contact for assistance.