HMRC has updated its guidance on trust registration (Register a trust as a trustee and Register a trust as an agent) to reflect its approach to reports of disproportionate risk of harm. This covers situations where HMRC has the power to share certain trust information with third parties, but where the sharing of that information could lead to a disproportionate risk of harm (including fraud, blackmail, extortion and violence).
The revised guidance notes that, where HMRC is notified of such risks to the beneficial owners of a trust, it will review the details and the risks and respond in writing to the trustees or agent, confirming whether or not it will apply the risk of harm notification exemption (in other words, whether or not it will release the information in response to a data request). Where HMRC gives an assurance that the information will not be shared, that assurance will run for 12 months. HMRC also advises anyone who believes a risk of harm is continuing to send further requests for exemption on an annual basis.
HMRC has updated its guidance on trust registration (Register a trust as a trustee and Register a trust as an agent) to reflect its approach to reports of disproportionate risk of harm. This covers situations where HMRC has the power to share certain trust information with third parties, but where the sharing of that information could lead to a disproportionate risk of harm (including fraud, blackmail, extortion and violence).
The revised guidance notes that, where HMRC is notified of such risks to the beneficial owners of a trust, it will review the details and the risks and respond in writing to the trustees or agent, confirming whether or not it will apply the risk of harm notification exemption (in other words, whether or not it will release the information in response to a data request). Where HMRC gives an assurance that the information will not be shared, that assurance will run for 12 months. HMRC also advises anyone who believes a risk of harm is continuing to send further requests for exemption on an annual basis.
.tmb-editorspic.jpg?sfvrsn=df04ab27_1)
