Thank you for the offer.
HMRC's recent webinar helpsheet of the TRS noted in Q&A format:
Q: The regulations state that where the individuals (or some of the individuals) benefitting from a trust have not been determined a class of beneficiaries can be provided. What does determined mean in this context?
A: We interpret this to mean ‘identified’, or named. Where there is only a class of beneficiaries, when a benefit crystallises, for example where the trustee makes a distribution to a beneficiary, we would expect the individual(s) benefitting to be named at that point.
Can HMRC therefore advise that if there is a class of beneficiaries, say the settlor's children and remoter issue, that as the legislation only applies from 26 June 2017, it is only beneficiaries who benefit after that date that need to be named?
Separately, regulation 45(5)(g) requires "the full name of any advisers who are being paid to provide legal, financial or tax advice to the trustees in relation to the trust". I have not seen mention of this from HMRC's webinar. Will there be a facility for this information to be reported and does it only apply to advice provided from 26 June 2017?