UK’s new Trust Registration Service launches
The Trusts Registration Service (TRS) from the UK’s HMRC is a new service that will provide a single online route for trusts and complex estates, to comply with their registration obligations and to obtain their Self-Assessment (SA) Unique Taxpayer Reference (UTR). Trusts that are required to register with HMRC are now required to do so through the TRS.
A trust has be to be registered when there is a liability to pay a relevant UK tax.
The trust can be a lifetime trusts or established when provisions of a will lead to a trust being set up. This could, be a nil rate band discretionary trust, a disabled person’s trust or a general discretionary trust. Also a trust where money is held for a minor or for a beneficiary pending him reaching the vesting age stipulated in the will.
It is an online single registration, replacing a large volume of forms previously required.
If you require further information, please contact Wills Worldwide for a fact sheet.