TRSM32090 - Registration: contents: information required: contents: recording assets for a registrable taxable trust

Registrable taxable trusts are required to report the value of the trust assets on registration.

The details of trust assets are only provided once at the first point of registration and if this changes over time they do not need to be updated on the Trust Registration Service (TRS). Separate to TRS, trustees will need to provide details of additions to trust assets as part of their annual tax return where relevant. For example, trustees will need to provide information on assets for Question 12 of the SA900 tax return.

To keep administrative burdens on trustees to a minimum HMRC does not expect any formal valuation to be carried out. Instead, the expectation is that trustees acting within their professional duties will provide a good estimate of the market value of the assets. This should be the market value of the assets at the point of registration on TRS.

The below sets out the particular information needed for particular assets.

Money

Trustees will need the total amount of money in the trust at the time of registering the trust. If more than one amount has been added to the trust over time, then these should be added together.

Trustees should include cash sums that they hold as trust capital or income which they are accumulating or to which no beneficiary is entitled.

Trustees should not include cash sums they may hold which represents trust income due to a beneficiary of an IIP trust.

Property or land

Trustees will need the:

  • address, name or description of the property or land
  • estimated full value of the property or land at the time of registering the trust
  • estimated value of the portion of land or property held in trust if it does not own it all

Only directly owned property and land is required to be reported on TRS. Where the trustees own shares in a company which owns ‘real property’, the trustees are not required to provide the address of the property on TRS. However, trustees should be aware of other reporting requirements relating to that company where that information may be required, such as registration with Companies House.

Shares

Trustees will need the:

  • company name
  • number of shares
  • class and type of share
  • approximate value of the shares at the date of registering the trust

Business

For a business run by the trust, trustees will need the:

  • business’s name
  • description of the business
  • business address
  • estimated value at the date of registering the trust

Partnerships

Where the trust is a partner in a partnership, trustees will need the:

  • Name of the partnership
  • A description of the partnership
  • The start date of the partnership

Other assets (such as cars, jewellery or art)

Trustees will need:

  • a description of the asset
  • the approximate value of the asset at the time the trust is being registered

Trustees of a registrable taxable trust that is also a registrable express trust will be required to provide specific information on any controlling interest the trust holds in a third country entity. For more information, see TRSM32070.