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Trust and Estate registration
If you are a Trustee of a Trust, or the personal representative of an estate, you may have to provide information to HMRC within certain timescales. You may also be personally liable for any penalties incurred if you do not meet your registration and reporting requirements.
At Goughs, we can assist you with registering a Trust or Estate.
Trusts which meet the following conditions must be registered through the online service:
The Trust has been expressly created. The Trust must be deliberately set up by the person who made it. In other words, it has not arisen automatically through law (such as statutory, resulting, or constructive Trusts)
The Trustees have incurred a tax liability. This could be Income Tax, Inheritance Tax, Capital Gains Tax, or Stamp Duty Land Tax. However, this condition will not be met if the liability in question is an income tax liability of less than £100 incurred through bank or building society interest.
Estates which are considered by HMRC to be ‘complex’ must be registered. An estate that’s considered ‘complex’ would fall into any of the following categories:
Has a tax liability (for income tax and/or capital gains tax) of more than £10,000 over the entire administration period
Has a value at the date of death in excess of £2.5m
The proceeds of any assets sold by the personal representatives in any one tax year is greater than: £250,000 (for deaths before 6 April 2016), or £500,000 (for deaths on or after 6 April 2016).
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Popular questions about
Trust and Estate registration
If you are a Trustee of a Trust which must be registered, but you do not do so in the relevant timescale, you may be personally liable to pay a penalty. Each matter is assessed on a case by case basis.
I engaged the services of Goughs Solicitors in Trowbridge, in particular Ailie Peacock, to act on my behalf for the sale of my house. Ailie was always clear with her advice, acted in a timely manor and answered any questions I had almost immediately. She was very proactive in dealing with the other parties involved in a slightly convoluted chain.
Ailie also managed a very late request from our buyers with calm efficiency and the utmost professionalism. The end result was a smooth sale and completion, with remarkably little stress on our part. I would not hesitate from using them again.
Clear concise advice
Quick response to e-mails or phone calls. Will certainly use again in the near future. Clear concise advice patiently given!
Mr Ian Liddle
Excellent service as usual.
Superb once again.
Superb once again. Goughs provides outstanding service... professional in getting the job done and conducted with grace and care. Thank you Goughs!
The solicitor I dealt with at Goughs, Rhianna Cole, was an absolute star, I cannot fault her in any way at all. She made everything in the situation I was in so easy to understand, and she guided me through an extremely stressful time, with extreme professionalism, yet a very personal and sensitive touch. Can't big them up enough.
Made first-time buying a (relatively) simple process!
Sophie was very attentive and responsive and understood the need to act quickly in regard to our purchase process. She was diligent with the paperwork and was very easy to talk to and clear at explaining what was required in terms of action from our side and from the seller.
pursuit of excellence.
All were welcoming and pleasant and dealt with my queries instantly. Nadine Cook who handled the conveyancing was absolutely outstanding in her pursuit of excellence. I commend her as one of the best and she has my everlasting thanks
very friendly welcome
Donna was always available on the phone and was always helpful, a very friendly welcome. I had very regular updates and nothing was too much trouble.
Since working with Nadine - excellent service, Thank you Nadine, good service as expected.
Very glad we went with Goughs
Sarah was very thorough and kept in touch with us all the way through the process. Very glad we went with Goughs and hopefully Sarah will be assisting my parents with their property regarding Land Registry
Nadine was fantastic
Nadine was fantastic, by far the best conveyancing process we’ve ever experienced, would recommend her to anyone. She was professional and communicative at all times, thank you
Very happy with the service provided.
Nadine said at the beginning that she was proactive, easy to say, but she proved to be so. She dealt with all matters efficiently by e-mail and e-letter. I also had two face to face meetings and she took the time to explain things clearly which is important. Very happy with the service provided.
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