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Draft HMRC guidance.
HMRC has updated the draft guidance on its new online trust registration service. It revises the position on when trustees must report detailed information about individual beneficiaries and when it is enough to report only a class of beneficiaries. When they are defined as a class of persons, the individual beneficiaries no longer need to be identified until they receive a distribution from the trust.
Other changes include:
- confirmation of the extended deadline to 5 January 2018 for trusts first needing to register for self assessment in 2016-17;
- examples of trusts that do not need to register;
- further details on the workaround for a deceased settlor;
- allowing the use of a unique tax reference in place of a National Insurance number; and
- more on the ‘look through’ procedures when non-UK trusts holding UK assets indirectly need to register.
More details are at here.
