HMRC register for Trusts and Complex Estates

Any new trusts which incur a charge to tax and complex estates that will sell assets for proceeds in excess of £500,000 in a year (if the death was after 5 April 2016), or incur tax liabilities in excess of £10,000 during the period of administration now need to register online with HMRC.

Should a UTR be required in order to submit a 2016/17 tax return, the trustees or Executors must register by 5 January 2018.

Longer established trusts also have an obligation to ensure details of the trust are correctly showing on the trust register. In particular, now whenever there are changes to the persons associated with the trust, these changes must be reported to HMRC through the trust register. We would recommend that any trustees access the trust register to check the details HMRC have and provide any further information required by HMRC as soon as possible.