HMRC’s updated guidance issued on 22 November confirms that where a trust deed specifies a class of beneficiaries but the beneficiaries within that class are unnamed in the deed, details of the individual beneficiaries within that class only need to be disclosed when the beneficiary receives a benefit.
There seems to be an issue with this point for trustee (non-agent) registrations as the online form has not been updated and will not let you enter only a class of beneficiaries but also requires details of an individual beneficiary to be included. The form still states that beneficiaries that are identifiable (i.e. born or known by name) must be entered.
Does anyone know if there is a work around to this when for example there is a single stated class (e.g. grandchildren of the settlor), none of which are named individually on the deed and none of which have yet benefitted?
LTS Tax Limited