New trusts and estates must now register with HMRC using the online registration service, which replaces the old form 41(G) Trusts. All trusts with a UK tax liability should be registered with the online service on or before 5 October following the tax year in which the trust or estate is set up. You need to provide the following information:-
- The estate;
- The personal representatives;
- The deceased person;
- Tax years the estate needs to declare a liability to Income Tax or Capital Gains Tax for; and
- Period end date if the administration period has ended.
For Trusts (including those created through a deceased’s will):-
- The trust;
- The Trustees;
- The Settlors;
- The Protectors;
- The Beneficiaries;
- Any other people with influence or involvement in the trust;
- Assets settled into the trust; and
- The tax years the trust needs to declare a liability to Income Tax or Capital Gains Tax for.
If you’d like any help in registering your trust or estate, please contact us.
The information in this article is believed to be factually correct at the time of writing and publication, but is not intended to constitute advice. No liability is accepted for any loss howsoever arising as a result of the contents of this article. Specific advice should be sought before entering into, or refraining from entering into any transaction.