When do I need to register a trust I’m trustee of?

Category: Estate Planning&General&Tax

If a trust might generate taxable income or gains, HMRC required the trustees to register it with them.

They did this using paper Form 41G (Trust). This was not the case where the trust would not generate any taxable income or gains. An example of this is where a trust holds an investment bond.

What has HMRC done?

HMRC has now withdrawn the forms and trusts. They have replaced them and with the online Trustee Registration Service. Where the trustees incur a UK tax liability in a given tax year, then the registration deadline is 31 January after the end of that tax year.

What about trusts with no tax liabilities?

Most non-taxpaying trusts had a deadline of 10 March 2022 to register on this service.

However, HMRC has announced that as the IT system is not ready to allow trustees of non-taxpaying trusts to register using the online TRS, the current deadline of 10 March 2022 will be extended. They intend to defer the deadline until twelve months after the date of actual delivery of the expanded TRS, to give trustees and agents of existing trusts enough time.

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