KPMG in the Isle of Man has produced a flowchart to help trustees determine whether they need to register using the TRS.
Following HMRC’s withdrawal of form 41G and the launch of its Trust Registration Service (“TRS”), trustees must consider, on an annual basis, whether they need to register using the TRS. We have produced a flowchart to help trustees determine if they need to register using the TRS. Please note that this flowchart is for guidance only and cannot be relied upon: trustees should obtain formal tax and legal advice specific to their situation.
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