If a trust should no longer submit tax returns, is the correct procedure on the TRS to cancel the existing (UTR) registration and re-register it as a non taxable (URN) trust? Although there is an option to do this on the TRS, when the button is ticked it simply takes you to a page that tells you to contact HMRC and then does nothing more!
No longer having any IT or CGT to pay does not necessarily make the trust ‘non-taxable’, because ‘tax’ includes the various substitutions for stamp duty (but not stamp duty itself) and IHT. For example the purchase of a property for a beneficiary to occupy rent-free might incur a SDLT liability…
But you must write to HMRC because they haven’t finished writing their TRS software.
Hi Lee,
Same problem last week, we have written to HMRC to ask for the change from taxable/non-taxable.
I’d agree there is no ‘press-button’ option.
Richard C. Bishop