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Important screens for private trusts and private companies 043-04130000

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This document outlines the screens which provide the details of private trusts and companies.

New legislation from 1 January 2002 for private trusts and private companies

From 1 January 2002, new rules were implemented for the way private trusts and companies are treated under the income and assets tests. Income and assets held by private companies and private trusts are generally treated as belonging to the person (or persons) who control the trust or company.

There were system changes introduced to implement the new legislation from 1 January 2002. Each private trust or private company has its own record in environment A, and its own Customer Reference Number (CRN). These entity records are linked to the records of relevant current customers.

The assessment and coding of the entity record are done by the Complex Assessment Officer (CAO) as only the CAO has the delegation to make the decision regarding attribution of assets and income to a customer from involvement with a private company or private trust.

The Training page contains a link to the courses/training modules in the Learning Portal relevant for this topic and its procedures

Linking customers and organisations for trust and company purposes

Searching for and indexing private trusts and companies

Accepting and disclosing information regarding trusts and companies

Complex Assessment Officers (CAO)