Gillingham & Shaftesbury Guide October
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HM Revenue & Customs Trust &<br />
Estate Online Services launched<br />
With very little in the way of fanfare or publication, HMRC launched its new online trust and<br />
estate services at the end of July 2017 which you should be aware of in case you act as a trustee<br />
or executor.<br />
What are the new services?<br />
The online services are intended to meet requirements placed on HMRC, trustees and executors<br />
by anti-money laundering legislation that came into force in June 2017 which attempts to make<br />
arrangements such as trusts slightly more transparent.<br />
HMRC have announced that the register will not be publicly available and will only be accessible<br />
by HMRC and law enforcement agencies when they request details from HMRC.<br />
What information is collected?<br />
New or existing trusts and complex estates will need to be included on the register in any tax<br />
year when there is a UK ‘tax consequence’ – which is broadly whenever the trust or estate<br />
becomes liable to pay tax.<br />
Whether that tax is Income Tax, Capital Gains Tax, Inheritance Tax, Stamp Duty Land Tax or<br />
Stamp Duty Reserve Tax, the trustees or executors will need to register the trust or estate and<br />
provide information, including:-<br />
• The trust or estate name, contact address and telephone number.<br />
• Details of the laws and country of administration of the trust if these are outside the UK.<br />
• Information such as name, date of birth and National Insurance number for the deceased<br />
in the case of estates or the settlor, trustees and beneficiaries for trusts.<br />
• The type of assets in the trust and their monetary value.<br />
When do trusts and estates need to be registered?<br />
If a trust or estate has a UK tax consequence it will need to register by 5 <strong>October</strong> following the<br />
tax year in which the trust or estate is created.<br />
The online services can be accessed via the GOV.UK website using a Government Gateway<br />
account which will need to be created if the trust or estate does not already have one.<br />
How can Ward Goodman help?<br />
If you act as a trustee or executor and would like any further help or guidance with the<br />
registration process, please call 01202 875 900<br />
and speak with either Bryn Holloway or Ross<br />
Adams in our Private Client team.<br />
01747 835435<br />
Or visit<br />
www.wardgoodman.co.uk<br />
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