Updating the information on the TRS

Hi everyone,

I have one question regarding the information that I need to update on the TRS.

The trust subject to the registration is holding properties as a bare trust. The trust is not taxable.

My director sent me a list of the properties which are held by this trust and said “the amendments should reflect this position”.

I am new to the TRS but as far as I know, there is no sections on the portal to enter the property details. The only question that I know is whether the trust acquired any properties on or after 6 October 2020.

Could I please ask what I am missing here? I don’t want to look dumb by asking my director to clarify what he meant by “reflecting the position” but could I ask where can I add the property details on the register?

You only add assets details, such as property, when the trust is registered as taxable. On the point the Trust does become taxable, (e.g. for CGT) you then add the details as requested in the TRS.

Thanks so much. The client also has another trust and that trust is holding an investment portfolio which is a bond. When I register that trust, does the asset categorised under ‘shares’ or ‘other assets’?