Trust Register amendments

Trusts Discussion
1

I have been lucky enough to register almost all of my Trusts and Estates online in the last few weeks - yes with hiccups and workarounds - and maybe some information which wasn’t wholly accurate but close enough to get the register done.

Subsequently we are now getting changes of addresses through, actually dates of birth for long deceased settlors etc and obviously want to update the register accordingly. I have been informed by the technical department at HMRC that the ability to amend the register will come with update 3 which is due later in the year. Hopefully before we submit the 2018 Tax Returns which require us to ‘tick the box’.

Lucy Orrow
Lambert Chapman LLP

2

As an extension to this, we have advised our clients that, after the initial registration, the annual updating would be absorbed into our fee estimate for the tax return. If we need to update the register separately to the preparation of the return (as work flow would mean that we couldn’t delay all returns until the register is available), it is going to be very difficult to absorb those time costs.
Ultimately, what will be will be but at least knowing would allow us to cut our cloth.

Katherine Webber
Birketts LLP