Trust registration service now on line for trustees

As reported in previous news items the trust registration service has been developed in response to the Fourth Money Laundering directive. The register was launched last week with no fanfare by HMRC; it is not available for agents just for trustees.

The first step for a trustee is to register for a Government Gateway account. There are then a series of screens to work through asking for various pieces of information in order to register a trust:

  1. Trust name, address, telephone number, if it is governed by laws of a country other than the UK, whether general administration is outside UK
  2. Details of the lead trustee, name address, telephone number, date of birth, national insurance number
  3. Similar details for up to four additional trustees
  4. Details of settlor(s), name, date of birth, telephone number national insurance number
  5. Details of beneficiaries whether they are a charity, another trust, a class of beneficiaries, individual beneficiaries or a company
  6. For individual beneficiaries, up to 10, the name, date of birth and national insurance number need to be inserted
  7. Whether or not there is a protector is asked and does anybody else have influence or involvement in the trust
  8. The type of assets in the trust needs to be reported along with their monetary value.

Details of existing trusts will be migrated across and so will just need to be checked and missing details added when there is a tax event.

The registration service for agents should be available in September; it is unsatisfactory that the 41G was withdrawn before the alternative becomes available and for the service to be available to trustees before agents given that most trustees seem to have agents.

  • I see the service is currently "out for maintenance"

  • May be I misunderstood the on line form, but it assumed a great deal of historic information, the assets put into trust on formation and their value at that time, which I happen to have, and the settlor's NI number (here the settlor dies 16 years ago and I have no idea whether she had a NI number). The real killer though was that 20+ listed shareholdings were settled, the trust was formed on a death, and it appears you are required to list individually together with the UTR of each company! I cheated and just took the portfolio as a single asset with a fake numerically sequential UTR. Also there was some bare land with no obvious post code or address. No doubt I pressed the wrong button at some point, but there appeared to be no alternative to providing historic rather than current information.

  • I agree entirely with your last paragraph.  HMRC, despite the Charter commitment, invariably seems to forget about (ignore?) the needs of agents. It is enormously frustrating trying to deal with a client's tax affairs without all the necessary information and access. It is inexcusable that this continues to happen in the MTD age.  Is there anything agents can do to drive HMRC to include agent access with every new facility it creates?