TRS Update: Changes in the Trust Register and HMRC Practice

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This session will be of value to all practitioners who need to implement TRS in relation to estates, trusts and co-ownerships of property; not just those responsible for compliance in this complex and changing area.

The talk will take stock of some significant changes in the TRS Manual (TRSM) and HMRC practice, and consider what it means for practitioners; including:

• Changes re when penalties apply: a change of focus in the new HMRC practice
• Discrepancy reporting: taking stock of the ongoing obligation as part of our due diligence, and the latest HMRC guidance
• Changes in the TRS Manual Guidance: what are the recent changes and what do they mean? Some changes are due in early 2024 which we will consider
• TRS Review Consultation due out in Jan 2024 and the Transparency of Land Ownership involving trusts consultation published on 27 Dec 2023: considering what this shows of HMRC practice and how the two link together
• Beneficiaries who need to be named on the TRS: reflecting on the change in the TRSM in Sept 2023, and other guidance, and what this means for naming beneficiaries in deeds and letters of wishes
• Deeds of Variation: changes in HMRC practice mean many DoVs need registering on TRS – we will consider when, and if there is any way to work around

John Bunker, Solicitor, Chartered Tax Adviser and Lecturer