The reporting of a trust should be made through HMRC’s online trust registration service (TRS). The relevant regulations require the trustees of UK and offshore trustees to report details of ‘beneficial owners’ of all ‘relevant trusts’ – see below. Penalties apply for late submission of returns.
Beneficial owners are the settlor, trustees and beneficiaries, including those who are discretionary, protectors, etc. ‘Potential beneficiaries’ are also included in reporting and this would relate to someone who is mentioned in a letter of wishes by the settlor when he lodges the letter with the trustees.