Following representations from the CIOT/ATT and a number of other bodies, we are pleased to report that HMRC have revised their position on when trustees must report individual beneficiaries (together with a large amount of personal detail) on the trust register, and when trustees can simply report a class of beneficiaries. This is very welcome, and should reduce the volume of information trustees and their agents need to gather on reportable trusts.
Fresh guidance issued by HMRC on the TRS can be found here. Details of the new guidance on beneficiary disclosure can be found on pages 19-20.
The other changes to the guidance issued on the 9 October include:
- Further examples of trusts that do not need to register on the TRS (page 4)
- Confirmation of the extended deadline to 5 January 2018 for trusts first needing to register for self-assessment in 2016/17
- Allowing the use of a UTR in place of a NINO for trustees, settlors and beneficiaries
- Additional details on the workaround for a deceased settlor (page 8)
- Further guidance on the ‘look through’ procedures when a non-UK trust holding UK assets indirectly needs to report (page 15)
The ATT/CIOT are continuing to press for additional time for trustees and their agents to comply with the TRS requirements given continuing concerns expressed by members.
The ATT are currently working on updating their Briefing Note so that it reflects further information from November’s Talking Points session and the revised guidance above. This should be available shortly.