Trusts registration service update

The May edition of the Trusts and Estates Newsletter includes an update on the trust registration service.

HMRC confirms that taxable trusts are now required to provide additional data to confirm whether:

• it is an express trust;
• a non-UK trust has a business relationship in the UK;
• the trust has purchased any UK land or property; and
• the trust has a controlling interest in a non-European Economic Area company.

HMRC adds that further data about the individuals involved in the trust can now be provided including country of residence nationality and whether the person has mental capacity at the time of registration.

From 17 May 2021 HMRC started inviting non-taxable trusts to register and make changes to their trust details. Use of this service is currently available only on a limited basis to invitees to allow for service development and enhancement.

Anyone with a non-taxable trust...