The new registration rules are due to come in from July I believe. I have seen some guidance which states as follows:
“Detailed information will need to be gathered on the trust and all parties to it - i.e. the settlors, trustees and beneficiaries. Previously when notifying HMRC of the creation of a trust (the paper form 41G, now withdrawn), beneficiary details were not needed.
The new trust register requires the details of all beneficiaries including potential beneficiaries, even though they may never benefit. Where a class of beneficiaries has been used, such as the children of Joe Bloggs, a description of the beneficial class is sufficient. However the address, National Insurance number or tax payer reference of any named beneficiaries, including anyone specified in a letter of wishes, will be required. And passport details are needed for any individuals who are non-UK resident.
In addition, the trustees will also be required to provide the details of any adviser who is being paid to provide them with tax, financial or legal advice.”
Do others feel that this is a gross intrusion into the nature of discretionary trusts in particular, and promises a huge administrative burden ( a bit like FATCA all over again)?