Trusts Registration Service
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  1. #1

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    Default Trusts Registration Service

    https://www.accountancyage.com/2017/...ation-service/

    All relevant trusts must retain specified information about their beneficiaries. Those with a taxable consequence in 2016-17 must report this information to the TRS by 31 January 2018. Thereafter the data submitted must be reviewed and updated each year the trust has a tax consequence.

    I wonder if this is related to the Loan Charge, in that HMRC can use this information to raise Loan Charge requests.

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    More time posting than coding


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    Quote Originally Posted by ChimpMaster View Post
    https://www.accountancyage.com/2017/...ation-service/

    All relevant trusts must retain specified information about their beneficiaries. Those with a taxable consequence in 2016-17 must report this information to the TRS by 31 January 2018. Thereafter the data submitted must be reviewed and updated each year the trust has a tax consequence.

    I wonder if this is related to the Loan Charge, in that HMRC can use this information to raise Loan Charge requests.
    I love the line....
    "HMRC are aware that some trustees may struggle finding historic information and appreciate that they will simply have to do the best that they can."

  3. #3

    TripleIronDad

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    Going to be fun where the promoters have disappeared. And in offshore places....
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  4. #4

    Still gathering requirements...


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    Default Sounds very fishey

    Are HMRC going to base the loan charge and what they already say you owe or on what the Trustee says (or makes up)??? Or both?

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    More time posting than coding


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    Quote Originally Posted by andyc2000 View Post
    Are HMRC going to base the loan charge and what they already say you owe or on what the Trustee says (or makes up)??? Or both?
    Nobody knows exactly how the proposed loan charge will work just yet. However, going from history (taking APN's as an example), HMRC will use estimates if you can't provide evidence of what you actually received, so IMO:

    1. You provide correct figures, if trustee isn't around.
    2. Trustee provides figures, you check (if possible) that they are correct before submission.
    3. If you can't provide either of the above, HMRC will work on an over inflated estimate.

    If required, seek professional advice.

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