Introduction to trusts: trust deeds: unrequested trust deed - new trust
Occasionally you may receive a trust deed when a trust is first set up. If the deed is said to create a trust, issue a 41G(Trust) if this has not already been done.
You should not read the deed. Retain it for future use. You should not respond to the person who submitted it unless the deed is an original or they contact you again - see below. You may use the deed in an enquiry. The availability of the deed from the date received is not likely to prevent a discovery assessment at a later date.
If the deed is a copy, file it in the Permanent Notes sub-folder.
If you receive an unrequested original deed copy it and put the copy in the Permanent Notes sub-folder. Return the original immediately, by recorded delivery. Do not use staples or pins.
Include a letter with the original deed on the following lines.
‘Thank you for your letter dated…
I am returning the trust deed that you enclosed with your letter, as it appears to be an original and you may need it.’
If the person who submitted the trust deed contacts you again to ask you to consider it, reply as follows.
‘I do not need to see the trust deed at this time. It is not HMRC Trusts’ policy to advise on the interpretation of trust deeds.
It is the trustee’s responsibility to interpret the terms of the trust and to complete the tax return and self-assess accordingly. If you are in doubt, your accountant or solicitor should be able to help.
I have retained the trust deed you sent in case I need to use it at a later date in connection with any enquiry or review of the terms of the trust.’