TRS updating facility
As previously reported the trust registration service (TRS) is due to change, but there is still no news on how or when.
In the meantime, HMRC have made available a mechanism for updating existing registration details on-line. The current regulations require trustees to update the register when details about the trust or its beneficial owners change, but until now the technology was not available. Going forward, where any information provided to the trust register about any of the trustees, settlor or beneficiaries has changed, the register will need to be updated on-line or a ‘no changes’ annual declaration filed. The TRS does not need to be updated with other changes, such as the value of the trust, and changes to the protector or other individuals will need to be notified at some point but this cannot be done on-line yet.
The next deadlines for updating are:
- 31 January 2021, if any change happened before 6 April 2020
- 31 January 2022, for changes in tax year 2020/21.
Although agents may amend the trust’s details on-line, trustees must first give digital authorisation for them to act and so it is probably advisable to start the process sooner rather than later.