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Where Taxpayers and Advisers Meet

Trust Registration Service

Dave12335
Posts:43
Joined:Sat Feb 09, 2019 10:09 am
Trust Registration Service

Postby Dave12335 » Sun Oct 17, 2021 6:30 pm

Hi tax friends

I understand there is a requirement to register some types of trust with the Trust Registration Service. I'm not sure whether we should register one. Can anyone help? Much appreciated if so. Here is a link to my previous post here which explains the background:

https://www.taxationweb.co.uk/forum/viewtopic.php?f=6&t=57286

Thanks!

maths
Posts:8300
Joined:Wed Aug 06, 2008 3:25 pm

Re: Trust Registration Service

Postby maths » Sun Oct 17, 2021 10:31 pm

Where trusts are required for parents to open bank accounts as bare trustees for minors (ie children below age 18) such trusts will not require registration under the TRS with HMRC .

Dave12335
Posts:43
Joined:Sat Feb 09, 2019 10:09 am

Re: Trust Registration Service

Postby Dave12335 » Mon Oct 18, 2021 9:45 pm

Thanks maths!

Dave12335
Posts:43
Joined:Sat Feb 09, 2019 10:09 am

Re: Trust Registration Service

Postby Dave12335 » Tue Oct 19, 2021 7:54 pm

Is there a link to the TRS manual or similar that says this please?

maths
Posts:8300
Joined:Wed Aug 06, 2008 3:25 pm

Re: Trust Registration Service

Postby maths » Tue Oct 19, 2021 11:57 pm

Nothing as yet in HMRC manuals. However, HMRC informed a number of thee professional bodies abou their views having changed. See Association of Tax Technicians who said:

"Child bank accounts

Amendments will be made to the legislation to ensure that trusts required in order to open a bank account for a child are excluded from registration."

We are aware from member feedback that the changes to child bank accounts will be very welcome. "

AGoodman
Posts:1308
Joined:Fri May 16, 2014 3:47 pm

Re: Trust Registration Service

Postby AGoodman » Mon Oct 25, 2021 4:59 pm

Is there a link to the TRS manual or similar that says this please?
It's the legal maxim of HMRC making it up as they go along. Some legislation should be along at some point.

pawncob
Posts:4782
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Trust Registration Service

Postby pawncob » Tue Oct 26, 2021 4:19 pm

Maths: The funds will eventually be used for a share purchase. Surely that bare trust will require registration?
With a pinch of salt take what I say, but don't exceed your RDA

maths
Posts:8300
Joined:Wed Aug 06, 2008 3:25 pm

Re: Trust Registration Service

Postby maths » Tue Oct 26, 2021 9:16 pm

Once the monies in the bank account are removed and invested in shares, if the shares are then held by parents on behalf of the children by way of a bare trust such a trust will require registration.


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