Trust registration service update – multiple settlors

The trust registration service is the government’s response to the EU Fourth Money Laundering Directive. It has to be completed for all express trusts with a tax consequence in 2016/17. The register is governed by regulations that came into force on 26 June 2017. 

There have been many problems with the roll out of the service and so the original deadline to register existing trusts has been extended from 31 January 2018 to 5 March 2018. HMRC has issued some FAQs which can be found on our tax news website

The latest iteration of the instructions on GOV.UK explains what to do if there are more than two settlors, the maximum number that can be entered on the online register: 

“If you need to record the details of a large number of settlors because you’re the trustee (or agent acting on behalf of trustees) of a pension scheme or an employment related trust, you should: 

  • record the details of two of the settlors in the online service
  • use a class to describe the remaining settlors, for example, ‘pension scheme members’ or ‘employees of the company’
  • tell us how many individuals fall within each class – if a corporate entity is a settlor, just provide the name of that corporation or firm.”

 

 

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