HMRC is trialling additional functionality on the online trust registration service to make it easier to register and amend information about trusts, with the aim of launching a full service by year end
The service will be developed over the next six months and will be beta tested with users. It was first announced in April following criticism of the overly complex registration requirements.
It is also becoming more urgent as from March 2020 new rules come into force requiring blanket disclosure of all UK trusts including full details of their ownership on the UK Trust Register resulting in millions of additional registrations. All trusts will have to be registered regardless of whether they are liable for UK tax.
The latest feature rolled out for trial in the new Trust Registration Service (TRS) allows users to register a Will trust, that contains:
- a lead trustee (can include multiple UK-based trustees);
- multiple named individual beneficiaries (will only require name, date of birth, national insurance number or address);
- classes of beneficiary; and
- assets (money, property and land).
Further features will be delivered between now and the end of the year.
HMRC said that it will continue to test the service with users in the pre-release period for each feature.
As part of the rollout, HMRC is tightening its security protocols to protect data.
In future tax agents and advisers, and their clients, will need to complete a few additional steps to ensure only those with a legitimate reason can access and update details on the trust registration service, usually the agent or nominated trustee.
HMRC stressed that this will not replace the existing 64-8 process for self assessment, so agents must ensure the appropriate authorisation is in place where needed.
To participate in the User Research contact HMRC by email