Changes To How Trusts Are Reported To HMRC
Share
Form 41G (Trust) has been withdrawn and will be replaced during summer 2017 by a new registration service.
When this new service is available, all trusts with a tax liability should use it to register with HM Revenue and Customs (HMRC).
HMRC has now confirmed that the trust registration form 41G(Trust) has been officially withdrawn, in readiness for the launch of HMRC’ online registration service for all trusts with a tax liability. This is despite the fact that the Register is not yet up and running. The new system will be introduced in two tranches in June and September.
Taxpayers who were about to send the form 41G(Trust) have been asked to wait until the online register is ready.
This is all part of the new reporting procedures being introduced to implement the EU Fourth Anti-Money Laundering Directive (4AML).
Share
Other News
Six Ways To Use Your Money For Good
There are multiple ways to make a positive social impact with your money. Here are six of the most common that you may wish to consider, that your Finura financial planner can help you to implement. CHARITABLE FOUNDATIONS Trusts and foundations are usually created via a single primary donation. They are registered with the Charity […]
Stamp Duty Land Tax – Higher Rates For Additional Dwellings
Stamp Duty Land Tax (SDLT) rates for additional residential properties have been increased from three percentage points above the standard residential rates of SDLT to five percentage points above the standard residential rates of SDLT for any transactions which take place on or after 31 October 2024.
Below is a summary of the rates which applied from 23 September 2022 – 30 October 2024 to additional properties versus the new rates with effect from 31 October 2024.
Lifestyle Modelling: The Crystal Ball for Your Financial Future
Have you ever found yourself asking “When can I afford to retire?”, “Can I afford to leave a legacy for my loved ones?”, “How much do I need to be saving for retirement?”. If you have, lifestyle modelling will likely be beneficial for you.