Closing trust accounts or making them inactive

The trust account you use may be deactivated for a number of reasons, such as changing jobs, starting a company of your own or entering into a partnership with another agent.

Inform your auditor

You must inform your auditor in writing that the account is inactive and that all money that was in it has been paid to the appropriate people. You must provide the auditor with all unaudited trust account records and receipts, which they should keep while the account remains inactive.

If you stop conducting business as an agent

If you stop conducting business as an agent, you should close your trust account and have a final audit carried out on the account within 20 working days.
Your auditor should inform us that the trust account has been closed using a Notification of closed or inactive trust account form.
If you want to reactivate the trust account you must notify the auditor who must then let us know.

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