HMRC has updated its guidance on the online Trust Registrations Service (TRS).
For any years that the Trust is not liable to tax, no changes need to be updated. However, the register must be brought up to date in the first year that relates to any of the following changes.
Updating trust details
Only the following changes must be updated using the online TRS system:
- Primary or other trustees
- Protector or other relevant individual.
Declaring on the Trust Register that the details of the persons associated with the trust are accurate and up to date, regardless of whether any changes have been made or not. If a self-assessment tax return is being completed for the trust, this must also contain a declaration that:
- the details on the TRS have been updated, or
- there have been no changes to the trust.
- for any changes prior to 6 April 2020, if the Trust was liable to tax for any of the three tax years up to 6 April 2020, details must be updated by 31 January 2021
- for any changes in tax year 2020-21, if the trust was liable to tax for that year, details must be updated by 31 January 2022
- the same deadlines apply for a declaration that no details have changed on the TRS in any year that the Trust is liable to tax.
Closing a trust
The TRS must be updated when the trust comes to an end by confirming that the details on the Trust Register are up to date and inform HMRC the date the trust ended. Note that a tax return may need to be submitted for the year in which the trust ended.