HMRC has updated its guidance on the online Trust Registration Service (TRS). For any years that the Trust is not liable to tax, no changes need to be made. 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
- Beneficiaries
- Settlor(s)
- Protector or other relevant individual.
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Declaration
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.
Deadlines
- For any changes before 6 April 2024, if the trust was liable to tax for any of the three tax years up to 6 April 2024, details must be updated by 31 January 2025
- For any changes in tax year 2024-25, if the trust was liable to tax for that year, details must be updated by 31 January 2026
- 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.
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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 informing HMRC of the date the trust ended. Note that a tax return may need to be submitted for the year in which the trust ended.
Quick Sum Up
In conclusion, staying up-to-date with the latest changes on Trust Registration Service is essential for trustees to remain compliant and avoid penalties. With recent updates making it easier to register and manage trusts online, the process is becoming more straightforward.
However, understanding these changes is crucial to ensure accuracy and meet all HMRC requirements. For anyone managing a trust, regular reviews and keeping in touch with professional advice can make a big difference in staying on top of these obligations and making the most of the tools available.
Disclaimer: All the information provided in this article on Latest Changes on Trust Registration Service, including all the texts and graphics, is general in nature. It does not intend to disregard any of the professional advice.
