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Trust registration service guidance revised

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HMRC has updated the draft guidance for users of its new online trust registration service, revising the position on when trustees must report detailed information on individual beneficiaries, and when it is enough simply to report a class of beneficiaries. Where the beneficiaries are defined as a class of persons, the individual beneficiaries do not now need to be identified until they actually receive a distribution from the trust.

Other changes to the guidance first issued in October include:

  • examples of trusts that do not need to register;
  • confirmation of the extended deadline to 5 January 2018 for trusts first needing to register for self-assessment in 2016/17;
  • allowing the use of a UTR in place of a NINO;
  • further details on the workaround for a deceased settlor; and
  • more on the ‘look through’ procedures when non-UK trusts holding UK assets indirectly need to register.