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Help to register will trust with HMRC



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For registration purposes all trustees named in the Will must be listed and all beneficiaries ( yourself and the children). The whole point of HMRC's registration process is so that they know who all the pertinent participants in the structure are, that is to say the trust creator, trustees and beneficiaries.
If you do not want to be the point of contact with HMRC going forward, and as you say in view of your age, then list one of the children as lead the trustee who will therefore be primarily responsible for HMRC compliance ( if any ) in future.
See link below if you require further information or guidance.
https://www.farrer.co.uk/news-and-insights/key-changes-to-the-uk-trust-registration-service-since-1-september-2022/#:~:text=The UK Trust Registration Service (TRS) was introduced in 2017,trusts with UK tax liabilities.1 -
poseidon1 said:For registration purposes all trustees named in the Will must be listed and all beneficiaries ( yourself and the children). The whole point of HMRC's registration process is so that they know who all the pertinent participants in the structure are, that is to say the trust creator, trustees and beneficiaries.
If you do not want to be the point of contact with HMRC going forward, and as you say in view of your age, then list one of the children as lead the trustee who will therefore be primarily responsible for HMRC compliance ( if any ) in future.
See link below if you require further information or guidance.
https://www.farrer.co.uk/news-and-insights/key-changes-to-the-uk-trust-registration-service-since-1-september-2022/#:~:text=The UK Trust Registration Service (TRS) was introduced in 2017,trusts with UK tax liabilities.1 -
Keep_pedalling said:poseidon1 said:For registration purposes all trustees named in the Will must be listed and all beneficiaries ( yourself and the children). The whole point of HMRC's registration process is so that they know who all the pertinent participants in the structure are, that is to say the trust creator, trustees and beneficiaries.
If you do not want to be the point of contact with HMRC going forward, and as you say in view of your age, then list one of the children as lead the trustee who will therefore be primarily responsible for HMRC compliance ( if any ) in future.
See link below if you require further information or guidance.
https://www.farrer.co.uk/news-and-insights/key-changes-to-the-uk-trust-registration-service-since-1-september-2022/#:~:text=The UK Trust Registration Service (TRS) was introduced in 2017,trusts with UK tax liabilities.'' Beneficiaries
You should give the details of all known beneficiaries who can benefit from the trust. If you have more than 25 beneficiaries in any one beneficiary type, keep a note of additional beneficiaries for your own records.
Named beneficiaries
You must give details of all individuals, trusts, charities and organisations named as beneficiaries in the deed.
Some named beneficiaries will only benefit when a certain event happens, such as when another beneficiary dies. You can include these in a class of beneficiaries until the event occurs. At that point, provide their details on the register as a named beneficiary.
Classes of beneficiaries
You can use a ‘class’ of beneficiaries to describe a group of individuals who are not yet known or named individually in the trust deed, for example, future grandchildren. This can also include named potential beneficiaries.
When a member of a class of beneficiaries benefits from the trust, and so becomes known, you must give their details. You’ll be asked to give a description of each class. ''
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