Trusts and estates newsletter – April 2017

HMRC published the latest Trust and Estates newsletter last month which among other matters gives an update on the trust register being introduced to comply with article 31 of the Fourth Money Laundering Directive.

 

There is also an update on the progress of IHT Online. A beta version has been running for a while now, open to invited individuals, and this will be rolled out to the public shortly. It is only available to personal applicants where there is no IHT payable, ie IHT205 only and not IHT400. The service will continue to expand and ultimately it will be possible to complete and submit the IHT400 online. It is good to see this part of making tax digital being tried and tested before a gradual introduction of the forms online.

 

In another item, HMRC asks executors to write to it at Administration of Estates, Cardiff, BX9 1EL if they think tax may be payable for the administration period which as interest is now paid gross by banks and building societies is more likely to be the case than previously. The relaxation introduced in 2016/17 for estates receiving savings income only (ie interest not dividends) – so that no report is required if the tax on the income is less than £100 – has been extended to 2017/18.

Anonymous