TRUST DETAILS REQUIRED
The TRS will require detailed information in several areas. It will also need to be updated if things change (e.g., change of address for a trustee). Trustees will need to stay abreast of changes HMRC make to the information required & currently there is no system for notifying trustees of changes. Trustees may also be required to complete an annual “no change declaration”. Trustees will be required to keep comprehensive details of information supplied/HMRC gateway ID’s/passwords etc, they will also need to keep records that clearly separate out data where there are multiple trusts. Examples of the kind of information required include:
Details of the trust, so name of trust/settlement date/confirmation the settlors are UK based/confirmation that trustees are UK based.
Details of trustees & any protector so names/DOB/nationality/country of residency. In the case of the lead trustee, you will need Ni No but not for any other trustees.
Details of the settlor, so names/DOB/date of death (for trusts set up on the settlor’s death) nationality/country of residency etc.
Details of beneficiaries, so names/DOB/nationality/country of residency. This is only required for beneficiaries either specifically named in the settlement deed or in receipt of a distribution from the trust.
Details of assets should be kept as part of an audit of a trust but only need to be entered on the TRS (currently) for taxable trusts.
When recording trust data, it is important to consider whether firms should collect more than the minimum information required for the register. Collating a broader picture will make it easier to audit whether best practice has been followed.
For guidance on what information needs to be entered on the TRS, please see the button below to the relevant page in the HMRC manual: