Tax Memo

 CHAPTER 7   Administration 

 SECTION 1   Income tax and capital gains tax 

The income, gains and losses of trusts and estates are declared to HMRC in the form of a self-assessment return, unless a simple assessment is issued by HMRC.
The Trusts Registration Service (TRS), which was introduced in 2017, allows agents and trustees to inform HMRC that a new trust has been created (replacing the use of form 41G (Trust)). Once this information is received, HMRC will allocate a reference to the trust, and issue tax returns under self-assessment. The TRS is intended to facilitate communication betwe...

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