Trusts for particular purposes: employment-related trusts - new general employee benefit trusts
‘Employee benefit trust’ here means a general employee benefit trust (TSEM5025).
That is a trust, which is not
- a retirement benefits scheme
- an approved share scheme.
Action on learning of a new employee benefit trust
Use the tracing function to see if a trust office has a record for the trust.
If there is no record, notify the appropriate trust office (TSEM1420) about the new trust.
Action in appropriate trust office
Set the case up in the normal way (TSEM1410).
Prepare 3 copies of the summary sheet (TSEM5055, TSEM5060 if a non-resident trust). They are available via Forms and letters within Excel SEES. If the trust is a QUEST, add ‘(QUEST)’ after the name. Retain one copy of the summary in the Permanent Notes folder of the trust file. Issue one to the employment income tax office. The copy for the tax office for the company should be emailed to a central point.
Submission to Trusts & Estates Technical Edinburgh
The summary in the folder shows when, exceptionally, to submit the case to Trusts & Estates Technical Edinburgh.
Liaison with other offices
The summary in the folder also shows when to liaise with other offices, to cover all technical and compliance angles.